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Wandisco secures $5m IOT contract

Mon, 04th Jul 2022 08:13

(Sharecast News) - Software firm Wandisco has won a new internet-of-things contract with an unnamed "large European automotive components supplier".

Wandisco said on Monday that the pair had entered into a commit-to-consume contract, valued at a minimum of $5.0m over five years, that will see the group replicate over an exabyte of automobile sensor data to the Amazon Web Services' cloud.

The AIM-listed group added that the terms of the contract mean that 50% of the $5.0m will be paid upfront, with revenue to be recognised as the customer moves its data.

Wandisco highlighted that the commit-to-consume contract aligned revenues to the consumption of services, enhancing the predictability of future revenues for the group.

The mystery client also expects "considerable data growth" over the lifetime of the contract, representing "a potentially large expansion opportunity" for Wandisco.

As of 0810 BST, Wandisco shares were up 6.21% at 308.0p.

Reporting by Iain Gilbert at Sharecast.com