AIM-listed derivatives software provider FfastFill is opening out its cloud platform and will deliver Progress Software’s solution for the capital markets industry as a fully managed cloud based service. The agreement extends an existing partnership between the two providers. Although FfastFill has dealt with third party products in the past (and moved away from this strategy, see FfastFill expands its footprint with Spread Intelligence), this is the first third party product to be made available via its cloud platform, as far as we are aware.
Since taking the decision to shift to a SaaS model the company has suffered the inevitable profitability problems but with 84% of its total revenue now coming from SaaS it is fair to say it has made the transition (see Profits still elusive at FfastFill but growth plans in play). Now its efforts are focused on growth – via acquisition, by extending into consultancy and through growth in international markets. The Progress Software agreement suggests it is considering becoming a hub for complementary SaaS offerings. That would be a smart move – it would generate fees, raise its profile, and help defray its cloud infrastructure setup and running costs.