Update: Cloud services at 20% of revenue run rate
While StatPro’s Q1 trading is in line with expectations, 20% of annualised contracted revenue now relates to cloud services – essentially StatPro Revolution – up from 18% at the end of December. Meanwhile, the recurring revenue run rate for the legacy StatPro Seven traditional software is unchanged. StatPro is now in the advanced stages on its shift to being a pure-cloud play and we believe there is significant upside, given the lofty multiples of StatPro’s financial software US 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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