Update: StatPro R+ set to drive growth in FY15 and FY16
StatPro reports that its performance in the first nine months of this year is in line with market expectations. StatPro Revolution, the group’s cloud analytics reporting tool, saw its annualised recurring revenue increase by c 35% to £4.25m over the nine months to end September. Meanwhile, StatPro R+, the cloud replacement for the traditional StatPro Seven software suite, remains on track for full release in H115. We are maintaining our forecasts and continue to see significant upside potential, if the group can successfully transition to a pure cloud play, as US stocks with SaaS business models typically trade on punchy EV/sales multiples.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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