StatPro has announced that it has secured a conversion from its legacy StatPro Seven software to its cloud-based StatPro Revolution service with a large insurance company. This resulting three-year contract has a minimum value of £1.5 million representing a 77% increase in annual subscription. This large contract with an existing key client brings a good uplift in annual revenue and represents another conversion from Seven that remains within the Group while further endorsing the cloud-focused strategy. As StatPro moves towards the end of its programme of converting legacy Seven contracts into Revolution contracts, the announcement says that there are approximately £5 million of legacy StatPro Seven annual software subscriptions remaining to be converted. The Group remains on course to complete the full conversion of most of those remaining clients over the next two years. As previously flagged, as the process draws to a close, StatPro will be in a position to realise savings in IT costs as well as gaining improved revenues. We make no changes to estimates at present but note this further underpinning of our numbers for this year and next.
01 Jul 2019
Further positive conversion contract news
Sign up for free to access
Get access to the latest equity research in real-time from 12 commissioned providers.
Get access to the latest equity research in real-time from 12 commissioned providers.
Further positive conversion contract news
Statpro Group (SOG:LON) | 0 0 (-0.8%) | Mkt Cap: 159.5m
- Published:
01 Jul 2019 -
Author:
Gareth Evans -
Pages:
3
StatPro has announced that it has secured a conversion from its legacy StatPro Seven software to its cloud-based StatPro Revolution service with a large insurance company. This resulting three-year contract has a minimum value of £1.5 million representing a 77% increase in annual subscription. This large contract with an existing key client brings a good uplift in annual revenue and represents another conversion from Seven that remains within the Group while further endorsing the cloud-focused strategy. As StatPro moves towards the end of its programme of converting legacy Seven contracts into Revolution contracts, the announcement says that there are approximately £5 million of legacy StatPro Seven annual software subscriptions remaining to be converted. The Group remains on course to complete the full conversion of most of those remaining clients over the next two years. As previously flagged, as the process draws to a close, StatPro will be in a position to realise savings in IT costs as well as gaining improved revenues. We make no changes to estimates at present but note this further underpinning of our numbers for this year and next.