(Alliance News) - WANdisco PLC's deal flow is looking "increasingly encouraging", Edison said on Tuesday after a recent contract win.
WANdisco on Monday said it had secured a USD3.3 million three-year license contract with an unnamed "large North American multinational investment bank" for the use of LiveData Migrator.
The Sheffield-based data-management software company's revenue share will be 50% of the license under its long-standing original equipment manufacturer agreement with IBM. Following the contract win, management now expects financial year 2021 revenue to be "meaningfully ahead" of current market estimates.
Prior to the update, Edison had pencilled in revenue of USD6 million for 2021.
Edison said it would like to see deals being signed "more consistently", but this latest update is encouraging.
Edison said: "This trend needs to continue to validate WANdisco's financial model, but we understand the near-term pipeline remains healthy."
Shares in WANdisco closed up 0.6% at 340.00 pence in London on Tuesday. The stock has fallen 27% since the start of the year.
By Lucy Heming; lucyheming@alliancenews.com and Will Paige; willpaige@alliancenews.com
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