Published on: June 14, 2016
Contract win in the US
Hard on the heels of the announcement of its Australian contract, StatPro has announced a five-year contract with a global American financial institution for a minimum value over the period of US$1.75 million (c £1.2 million). Again, it is for the provision of its Revolution platform including the Performance module. The unnamed American client will use StatPro’s latest cloud technology to replace its legacy systems representing a further validation of Revolution and an additional show of confidence in the Performance module. Like the Australian contract, we expect this contract to start producing revenue in the current year. The launch of Revolution Performance is still scheduled for Q3 2016. As we noted previously, our numbers for both FY16E and FY17E already include some growth assumptions for anticipated contract wins. However, although this contract is spread over five years, it adds further backing to our estimates for those two financial years. Consequently, although we make no adjustments to estimates at present, we continue to note the supportive positive momentum in the business following the two contract announcements made during the last week and the acquisitions made so far this year.