StatPro Group (AIM: SOG) has secured a significant three-year contract worth more than US$1m from a prominent Asian bank for its newly launched Software as a Service (SaaS) platform, StatPro Seven. According to StatPro, its new Asian client chose the product specifically because the company was able to offer a combined analytics platform with the required data feeds on a SaaS basis thus minimising their IT costs and ensuring first class support.
“We are delighted to have made this important first step not only in extending our client base in Asia but also in selling the enormous benefits of StatPro Seven to a prominent Asian bank”, StatPro chief executive Justin Wheatley commented. “Asia is a rapidly growing market for asset management and we believe that through the launch of StatPro Seven and StatPro Revolution we will have significant further opportunities in this region”.
StatPro, with the launch of the Saas platform, is now in a position to service clients in geographical locations where it does not currently have offices. Consequently it is increasing the promotion of its products into Asia, a market which the company believes represents a significant growth opportunity.
According to StatPro, the geographical dispersion of financial centres in Asia supports the use of a centralised SaaS solution by asset management firms with multiple offices.
The company emphasised that its latest product, StatPro Revolution, will also benefit the company’s broader geographic reach. StatPro Revolution was unveiled on 10 March, and its beta is due to be launched later this month. The new software suite is the company’s first web-based platform.
The web-based platform will give thousands of smaller asset management firms access to first class analytics, risk and attribution solutions previously only affordable for the top tier firms, StatPro said.
Disclosure: The author holds no positions in the company