StatPro has won a significant new contract, worth at least £1.2m over five years, with a global American financial institution. This follows last week’s £2.3m three-year contract win with a major Australian financial institution. We estimate that the two contracts will boost the group’s annualised recurring revenue run rate by c 2.7%, with growth potential. The two new contracts highlight the increasing potential for positive newsflow, as the group moves to late-stage cloud transition. Hence, with StatPro’s US-based financial software peers and SaaS companies trading on lofty multiples, we continue to believe there is significant upside in the shares.
