StatPro Group subsidiary Infovest Consulting (Pty) Ltd has entered into a new extended contract for a minimum of £1.0m with a large North American asset manager.
In February 2016, StatPro acquired 51% of Infovest.
The strategic objective of the transaction was to enable Infovest to expand its sales activity across StatPro's global network of offices and clients and to enable those clients to gain access to integrated solutions to complement StatPro Revolution, such as Infovest's Data Warehouse, Reporting and ETL solutions.
A large North American client of StatPro has now entered into a seven year commitment (with a revenue commitment of £1.0 million) with Infovest to supply their Data Warehouse and Reporting solutions. These solutions will integrate output from all their systems including StatPro Revolution.
This deal is the fourth contract win for Infovest since the acquisition (three of these being from outside Infovest's South African home market) and is the largest in the company's history. It will significantly increase Infovest's annualised recurring revenues and committed contractual revenue.