Update: Significant cloud contract in Australia
StatPro has won a significant new contract, worth £2.3m over three years, with a major Australian financial institution. We estimate that the contract will boost the group’s annualised recurring revenue run rate by c 2%. We have previously mentioned the increasing potential for positive earnings surprises, as the group moves to late-stage cloud transition, and this new contract win highlights the potential. Hence, with StatPro’s US-based financial software peers and SaaS companies trading on lofty multiples, we continue to believe there is significant upside in the shares.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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