State Street saw 22% year-over-year growth in revenue from deployments of Charles River Development (CRD), a front-office software firm it acquired in 2018.

The revenue growth was primarily related to professional services and its software-as-a-service (SaaS) offering, which together grew 18% YoY, Chief Financial Officer Eric Aboaf said during today’s third-quarter earnings call. The technology solution saw revenue growth of 22% with on-premise sales.

“We saw growth across all three categories of CRD revenues on premise, professional services and software-enabled,” Aboaf said. “The more durable SaaS and professional services revenues continue to grow nicely and were up 18% year on year. Record new quarterly bookings of 28 million and a healthy revenue backlog of 105 million also demonstrate a continued business momentum that we’re seeing in CRD, supported by the Alpha value proposition.”

CRD also provides the foundation for State Street Alpha, an integrated front-to-back asset servicing platform for institutional investment managers. It’s built on an open architecture, which means it can operate with third-party liquidity, analytics, data and application providers.

State Street Alpha combines the Alpha Data Platform, middle-office processing and a set of data and back-office services to provide real-time data and intelligence about the investment lifecycle, according to the company.

Since launching the cloud-based solution in December 2020, the $3.9 billion State Street has signed 18 Alpha clients, seven of which were live as of the end of Q3. Atlanta-based investment management company Invesco was one mentioned during today’s earnings call.

The bank also acquired Mercatus, a front-and-middle-office solutions and data management provider for private market managers. State Street launched Alpha for private markets in connection with the Mercatus acquisition, Aboaf said.

The bank’s efforts reflect a focused technology investment strategy, Chief Executive Officer Ronald O’Hanley said in today’s earnings call.

“It’s not going to be a kind of peanut butter thing, where everybody gets a little something here for their pet project; it really is about those things where we see it positioning us for meaningful growth, meaningful additional growth,” O’Hanley said. “It’s about things that we’ve already established, that can give us growth, and that with a little more investment, we expect to be able to accelerate that growth.”

In terms of expenses, the Boston-based bank saw information systems and communications reach $406 million, a 2.8% rise from the previous year.

Overall, the bank reported total revenues of $3 billion, up 7.4% YoY. Net income was up 29% YoY to $714 million.

State Street stock [NYSE: STT] was trading at $94.79 at market close, up 2.22% from market open.