StatPro Group PLC - PS1.0m Contract Win
OREANDA-NEWS. StatPro Group plc, the cloud-based portfolio analysis and asset pricing services provider for the global asset management industry, announces that its subsidiary, Infovest Consulting (Pty) Ltd ("Infovest"), has entered into a new extended contract for a minimum of GBP1.0 million with a large North American asset manager.
In February 2016, StatPro acquired 51% of Infovest. The strategic objective of the transaction was to enable Infovest to expand its sales activity across StatPro's global network of offices and clients and to enable those clients to gain access to integrated solutions to complement StatPro Revolution, such as Infovest's Data Warehouse, Reporting and ETL solutions.
A large North American client of StatPro has now entered into a seven year commitment (with a revenue commitment of ?1.0 million) with Infovest to supply their Data Warehouse and Reporting solutions. These solutions will integrate output from all their systems including StatPro Revolution.
This deal is the fourth contract win for Infovest since the acquisition (three of these being from outside Infovest's South African home market) and is the largest in the company's history. It will significantly increase Infovest's annualised recurring revenues and committed contractual revenue.
Robin Kemper, Infovest CEO, said:
" This is a great win for Infovest and it underlies the strategic logic behind our partnership with StatPro. Our client will now be empowered to manage and utilise fully their valuable data via our world class Data Warehouse, data integrations tools and reporting framework. "
Justin Wheatley, Chief Executive, commented:
"This is a great contract win for Infovest which exemplifies our strategy, showing that StatPro and Infovest have worked closely together with our North American client to solve its operational needs with tightly integrated solutions."
StatPro is a global provider of award winning portfolio analytics solutions for the investment community. The Group's cloud-based platform provides vital analysis of portfolio performance, attribution, risk and compliance. This multi-asset class analytics platform helps StatPro's clients increase assets under management, improve client service, meet tough regulations and reduce costs.