StatPro Group PLC (LON:SOG) shares rose on Wednesday as the firm revealed it has landed a three-year, US$1.2mln contract extension for its cloud-based portfolio analytics product, Revolution.
The customer is an unnamed fund administrator, which has won a new client.
READ: StatPro has good revenue visibility for the current year
StatPro believes fund administrators are an “increasingly important” distribution channel as the asset managers look to outsource data management, and it said it expects to see further growth from this particular line of business in 2019.
"This notable additional business via one of our major fund administrator clients is a clear demonstration of the steady transformation of the asset management market to outsourcing and the opportunity this represents for us,” said chief executive Justin Wheatley.
"Our objective is to build on our third-party relationships to enhance our growth and we are strategically well placed to benefit from this industry trend."
In morning trading, StatPro shares were 3.2% higher at 114.50p.
-- Adds share price --