StatPro Group - £1.5m Revolution conversion with 77% uplift
Positive newsflow continues, with StatPro announcing a significant £1.5m conversion from its legacy Seven suite to its modern Revolution cloud platform. This follows the recent news of a partnership with JP Morgan’s Data and Analytics business and the acquisition of an ESG research and index business. The deal is significant since it is a large contract with a key client, has an attractive 77% conversion premium and signals that the group is moving towards the end stages of conversions of its legacy Seven contracts. In our view, the shares continue to look undervalued, given the group’s c £56m recurring revenue book and the attractive rating (c 14x FY20e), especially in light of the active M&A backdrop in the financial software sector.Statpro Group is engaged in the development, marketing and distribution of software systems and the provision of cloud-based portfolio analysis and asset pricing services to the asset management industry.
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