Another customer of () upgraded the company’s legacy StatPro Seven software to the cloud StatPro Revolution, help send company shares higher on Monday.
The portfolio analysis software developer said a major insurance company signed a three-year contract worth at least Â£ 1.5million to adopt. StatPro Revolution.
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Winning the contract will result in a 77% increase in annual subscription, StatPro said. The group still has around Â£ 5million of inheritance StatPro Seven annual software subscriptions to convert and is in the process of converting most StatPro Seven legacy software clients to its flagship service over the next two years.
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– StatPro Group (@StatProGroup) June 28, 2019
Justin Wheatley, CEO of the group, said the contract win was particularly notable.
âThe capabilities of our new fixed income and risk allocation module on Revolution were critical as the client reviewed their options. This is another important step in the process of converting our customers from Seven to Revolution, which in turn brings improved revenue as well as operational simplification and IT savings, âhe said. .
In a separate statement, released later Monday, StatPro also announced that it has completed the acquisition of the Environmental, Social and Governance (ESG) research and indices business unit of ECPI Group Srl. as announced on June 12, 2019.
As a result, the group said the initial cash consideration of 0.9 million euros (Â£ 0.8 million) had been paid from existing credit facilities.
In afternoon trading, shares of StatPro were up 4.1% to 139.50p.
– Adds the news of the completion of the acquisition, the share price –