Statpro on Tuesday secured a five-year contract worth approximately £1m to provide its Infovest service to a “large South African financial institution”.

The South African party is an existing client of Statpro but this is the first time it has purchased an Infovest product, which it will use to provide a consolidated view of its market positions on a daily basis, as well as enabling business intelligence and analytics.

Justin Wheatley, group chief executive, said: “This contract win is confirmation of the excellent quality of our Infovest data management solution. Infovest’s vast experience in providing data management solutions in the financial sector, along with its strong focus on data governance and excellent implementation track record, were significant factors in the awarding of the contract.”

The AIM-traded cloud-based portfolio analytics and asset pricing services provider’s platform provides analysis of portfolio performance, attribution, risk and compliance in order to help company’s comply with regulations and meet cost-cutting targets.

“We see data management and governance as significant growth drivers for StatPro as most asset managers and financial institutions need a cost-effective and efficient way to manage ever-increasing volumes of data,” said Wheatley.

Statpro’s shares were up 2.47% at 124.50p at 0939 BST.