WAND.L Share News (WAND)

(Sharecast News) - Software firm Wandisco has secured an $11.6m contract with an unnamed global communications group, the company's largest-ever contract.

Wandisco said on Tuesday that 50% of the total contract value will be paid in advance.

The AIM-listed group will provide the customer with access to its LiveData Migrator and LiveData Migrator for Azure products in order to migrate smart meter data collected by the client from an on-premise Hadoop cluster to multiple cloud providers.

Wandisco also noted that the deal was the third consecutive one with the mystery customer, after an initial commit-to-consume agreement worth $1.5m on 23 March and a follow-on order of $1.2m on 31 March, taking the cumulative total from the client to $14.3m.

Chief executive David Richards said: "This $11.6m order is the third successive agreement we have signed with this customer and represents our largest ever contract to date.

"The general availability of our product and its unique capability in moving data seamlessly, at scale to the cloud, gives us confidence that we will win more critical IoT migration contracts and take market share."

As of 0950 BST, Wandisco shares had shot up 12.19% to 301.80p.

Reporting by Iain Gilbert at Sharecast.com