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AIM-listed StatPro (LON:SOG) said recurring revenues from its cloud-based StatPro Revolution portfolio analysis service have jumped by 85%, with the client base swelling to 251.
The company said recurring revenues in the nine months to the end of September rose to £2.8 million from £1.5mln in 2012.
StatPro Revolution-related recurring revenues increased to £6.9mln, making up 27% of total software revenues, thanks to customers of the older StatPro Seven software adding the newer version to their shopping lists.
It said this is proof its clients support its switch to cloud-based software.
The company, whose sales pipeline continues to grow, said the results and profits for the nine month-period are in line with expectations.
StatPro Revolution is now used by 33 fund administrator partners around the world.
Chief executive Justin Wheatley said: “Having built a world leading, cloud-based analytics platform that has proven itself to over 250 clients in 32 countries, our next challenge is to scale up our sales force to tap into the undoubted potential of the global asset management market.
“Our disruptive business model which enables any asset manager or adviser to buy performance, risk and attribution for just $100 per portfolio per month, means that our addressable market is many times larger than it was with our traditional products.
“As the network effect of clients sharing with others creates new prospects for StatPro Revolution, so we will be able to grow faster. We are excited about our future prospects.”
Broker Panmure Gordon thinks investors should get “very excited about this story”.
“What does a technology need to be to be a potential market killer? It needs to be disruptive, and StatPro’s cloud-based offering for the global asset management market appears to be just that,” said analyst Adam Lawson.
“…a disruptive, “true” cloud business on a reasonable valuation (FY 2013 EV/EBITDA of 11.8x) is a rare beast,” he added.
The shares rose 6% to 98p on Friday.