StatPro signs £1.5m deal with US asset manager

(ShareCast News) - Cloud-based portfolio analysis and asset pricing services provider StatPro Group announced on Monday it has entered into a three-and-a-half-year contract with a US-headquartered "top ten global asset manager" for its Global Investment Performance Standards (GIPS) Composites service, for a minimum value of £1.5m.The AIM-traded firm said while it is focused on converting its clients of StatPro Seven to StatPro Revolution, StatPro Composites continues to be a "world-leading solution" for GIPS Composite regulations for asset managers.It said StatPro Composites is used by more than 100 asset managers around the world, including seven of the top ten managers by value of assets.StatPro added it intends to add composite functionality to StatPro Revolution, and continues to develop StatPro Composites in line with market regulations and requirements."This is an important win and a strong validation of our best-in-class solution - StatPro Composites," said chief executive Justin Wheatley."We have seen a strong increase in interest for StatPro Composites as asset managers look to replace in-house internal systems with a robust, scalable, hosted solution that can meet the ever-more complex regulatory requirements that asset managers face."At 1300 BST, shares in StatPro were up 6.86% at 109p.