Update: Cloud grows to 23% of recurring revenue run rate
Cloud services continued to grow apace in Q2, representing 23% of StatPro’s recurring revenue run rate as at the end of June, up from 20% (at actual FX rates) in March and 18% in December. Meanwhile, the legacy Seven software suite maintained resilient renewal levels. While trading is in line at constant currencies, we have conservatively eased our forecasts due to the continued strength of sterling against most currencies. Nevertheless, StatPro is at the advanced stages of transitioning to a pure-cloud play and we continue to believe there is significant upside, given the lofty multiples of StatPro’s US financial software peers and SaaS firms.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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