StatPro Group PLC (LON:SOG) shares jumped in late-morning trading Thursday after it signed a contract with a UK investment manager to convert from its StatPro Seven to StatPro Revolution service in a deal worth a minimum of £1.45mln.
The cloud-based portfolio analytics and asset pricing services provider said the contract would result in a “significant uplift in annual value” as the investment manager would replace StatPro Seven, which it uses for all of its client reporting processes, with StatPro Revolution.
Justin Wheatley, chief executive of StatPro, said that the Revolution package was “an ideal solution to meet the increasing requirements” for asset managers as “regulations have increased, asset types become more complex and clients more demanding”.
"This contract win and extension is very satisfying as it illustrates that StatPro Revolution has come of age and is now widely regarded as the leading performance and risk technology platform."
The contract is the second win for Revolution that StatPro has secured so far this year, having inked a three-year contract with another large UK investment manager on Tuesday worth a minimum of £2.35mln.
Shares were up 2.8% at 126p.
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