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Published on: April 3, 2017

Contract extension for StatPro Seven client

With its focus on migrating clients from StatPro Seven to the StatPro Revolution platform, most recent contract announcements from the Group have tended to reflect that process. They also provided evidence that existing clients were willing to retain and extend their relationships with StatPro. That said, only certain clients of StatPro Seven are set to convert to the cloud product over the next two to three years. Today’s announcement is for a contract extension with a large Canadian wealth business for the SaaS version of StatPro Seven which includes an uplift in the contract value. The underlying resilience of StatPro Seven has been evident in recent results although the migration to Revolution has, as expected, reduced Seven’s overall revenues. Nonetheless, that resilience remains important to the Group and today’s announcement underlines that support from StatPro Seven as this large existing client renews. We leave estimates unchanged following recent upgrades at the time of the FY 2016 results but note the value uplift in this contract.

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