There were no outstanding items in StatPro’s in line trading update for Q3 but for a company making the transition to a pure-play SaaS model that is good news and indicates that the portfolio analysis and asset pricing software and services provider continues to make steady progress (see Statpro’s move to the cloud progressing well).
There were reassuring indicators. The customer count for the go-forward offering, SaaS-based Revolution Pro, rose to 130 at the end of Q3 (to September 30) vs 111 at the and of H1, with a growing pipeline. Even sticky Statpro Seven (renewal rate north of the 92% of last year), which is no longer being actively marketed, managed to generate additional revenue due to new sales, take-up of additional modules and price increases. The first modules of StatPro Revolution Plus (the cloud-based upgrade path) are expected in 2013 and it will be interesting to see whether StatPro Seven proves to be too sticky.
One of the other reassuring indicators was the expansion of its distribution capability in two areas. It secured a partnership with global solutions provider Linedata, and its StatPro Revolution customer base now includes 12 fund administrators who all act as distributors for StatPro Revolution. Management remains cautious as always, but is looking for the full year to meet expectations. There were no revenue or profit numbers in the update but we can imagine revenue being slightly up and PBT flat or somewhat down – in line with a SaaS transition. All in all, this is another nice update from StatPro.