StatPro Group plc (AIM:SOG), the AIM listed provider of portfolio analysis and asset pricing services for the global asset management industry, today provides a trading update for the nine months ended 30 September 2010.
· Trading in Q3 in line with management's expectations
· Continued strong progress with key product offerings:
o Signing of new clients onto StatPro Seven
o StatPro Revolution selected by major global custodian bank
Trading in the three months to September 2010 was in line with management's expectations and the Board remains confident of a successful outcome for the year as a whole.
We continue to make good progress in the development of StatPro Seven and StatPro Revolution, and Phase II of the public beta of StatPro Revolution was released on 4 October 2010.
SaaS technologies are transforming whole sectors across the business world and portfolio analytics is no exception. With StatPro Revolution, StatPro is the first business to offer a genuine SaaS solution that integrates data and software as a service for portfolio analysis, the key objective of which is to offer an outstanding and equal service to fund managers of all sizes at affordable prices. It is an open platform with a toolkit for integration with third party solutions.
Following a successful feasibility study, a global custodian bank has now contracted to integrate its client data with StatPro Revolution. The custodian aims to offer all its clients easy access to the most sophisticated portfolio analysis and reporting using StatPro Revolution.
Justin Wheatley, CEO of StatPro Group plc commented, "Trading in Q3 was in line with our expectations and we continue to have success with signing new clients for our StatPro Seven platform. Contracting with a major custodian bank for the use of StatPro Revolution is a significant milestone for us, endorsing our investment and validating the market potential. Following the successful Phase II launch of our public Beta earlier this month we look forward to welcoming more beta clients and the continued growth of the business."