StatPro signs contract extension with major fund administrator

(Sharecast News) - Cloud-based portfolio analytics provider StatPro Group has signed a contract extension with a major fund administrator for its 'StatPro Revolution' product worth $1.2m over three years, it announced on Wednesday, as the fund administrator had secured a new client requiring StatPro's capabilities.The AIM-traded firm said fund administrators were an "increasingly important" distribution channel for it, as the asset management market looked to outsource key data management functions.It said StatPro Revolution was "uniquely adapted" to help fund administrators provide portfolio analytics to asset managers, combining a "superior service" with a lower cost of ownership due to its cloud-based technology.The company said it expected to see further growth from major fund administrators during the course of the year."This notable additional business via one of our major fund administrator clients is a clear demonstration of the steady transformation of the asset management market to outsourcing and the opportunity this represents for us," said StatPro group chief executive officer Justin Wheatley."Our objective is to build on our third party relationships to enhance our growth and we are strategically well placed to benefit from this industry trend."