Following positive feedback on its SaaS Revolution service, StatPro, a supplier of portfolio analytics software for fund manager, has outlined plans to pour money into a move to become a pure cloud player.
In a trading update, the vendor claims that since July it has signed up 250 customers to beta test Revolution, a multi-tenant, pure Internet-based service for portfolio analytics and reporting.
An unnamed global custodian bank is set to go live with the service this quarter and StatPro is "actively pursuing a number of similar opportunities" with other custodian banks, market data vendors and software suppliers.
With Revolution set for an official launch this quarter, the vendor is preparing to match the £2 million invested in 2010 this year for development, support infrastructure and marketing to "transform the business into a pure SaaS provider".
To "re-focus" on this new service, the board has also reorganised some non-core parts of the business, leading to an exceptional charge of around £1.2 million.
StatPro already has around 30% of its software clients, by value, on a SaaS basis, up from 20% this time last year. Overall, trading for 2010 was in line with market expectations, says a statement, with results set to be reported in March.
John O'Brien, research director at TechMarketView says the speed of uptake for Revolution is impressive, adding: "It's a bold objective to migrate all its customers to the cloud, but they appear to be making headway."
Justin Wheatley, CEO, StatPro, says: "We believe that StatPro Revolution is currently the only Internet service of its kind in the market with this level of sophisticated portfolio analytics. Priced at just $100 per portfolio per month, it is affordable for any financial services company to use anywhere in the world. This means we can target a significantly larger market than our current target market."