25 Mar 2020 07:00
25 March 2020
WANdisco plc
("WANdisco", the "Company" or the "Group")
Business Update
WANdisco plc (the "Company") issues the following update:
Significant Contract Win & Business Update
Business momentum since the Company's Trading Update in February has been very encouraging. In the next few weeks, we expect to enter full public availability with our embedded Fusion Resource Provider ("FRP") product with Microsoft. As a result of this success, the Company has won a contract, worth $1 million, with a division of one of the world's largest media and telecommunications companies. WANdisco Fusion will be used to keep data in sync across on-premise locations and the Microsoft Azure cloud to enable analytical and machine learning data use cases. The uniqueness of Fusion resulted in WANdisco being the only vendor considered for the customer's data consistency solution. The Company sees further near-term opportunities working with this customer and Microsoft.
Results Date and Capital Markets Day
Following the Financial Conduct Authority's (FCA) strong request to all listed companies to delay the publication of preliminary financial statements, the publication of the Group's FY19 results will now take place on Tuesday, 21 April.
The Company also intends to host a Capital Markets Day in the summer months, to provide further context around recent and positive developments in its partnership ecosystem, product set and growing market opportunity.
David Richards, CEO and Chairman of WANdisco commented:
"Despite the ongoing restrictions brought about by the COVID-19 pandemic, our customers continue to see the underlying imperative of moving data to the cloud. The advantages this brings of both cloud economics and the ability to run sophisticated machine learning applications is proving extremely valuable to the many organizations working in difficult, distributed and remote settings at this time.
"I am pleased to see our product initiatives continue to progress as planned and look forward to entering public preview with our embedded product which will usher in a new phase of our company growth. Our workforce has settled into the new normal of working remotely and I'm extremely proud that productivity levels remain as high as ever."
The COVID-19 situation has led to the implementation of long-standing business continuity measures, with staff working from home across the globe. The Group's balance sheet remains strong following the successful $16.5 million equity fundraise in November 2019, enabling the Group to withstand near-term uncertainty. The current demand environment remains strong and our partner pipeline continues to grow.
Audit Appointment
The Company is pleased to confirm that, following the conclusion of a formal tender process, it has appointed BDO LLP ("BDO") as its new auditor for the financial year ending 31 December 2019. The appointment of BDO for the following financial year will be subject to approval by shareholders at the next Annual General Meeting of the Company, to be held in 2020.
The current auditor KPMG LLP has formally resigned and has confirmed that there are no reasons or matters connected with its ceasing to hold office as auditors, which they consider should be brought to the attention of the members or creditors of the Company in accordance with section 519 of the Companies Act 2006.
For further information, please contact:
WANdisco plc via FTI Consulting
David Richards, Chief Executive Officer and Chairman
Erik Miller, Chief Financial Officer
FTI Consulting +44 (0)20 3727 1137
Matt Dixon / Chris Birt / Kwaku Aning
Stifel (Nomad and Broker) +44 (0)20 7710 7600
Fred Walsh / Rajpal Padam
Peel Hunt (Joint Broker)
Edward Knight / Nick Prowting +44 (0)20 7418 8900
About WANdisco
WANdisco is the LiveData company that empowers enterprises to revolutionize their IT infrastructure with its ground-breaking DConE technology that powers the WANdisco Fusion platform, enabling companies to generate hyperscale economics with the same IT budget - across multiple development environments, data centres, and cloud providers.
WANdisco Fusion powers hundreds of the Global 2000, including Cisco Systems, Allianz, AMD, Juniper, Morgan Stanley and more. With significant OEM relationships with IBM and Alibaba and go-to-market partnerships with Amazon Web Services, Microsoft Azure, Google Cloud, Oracle and other industry titans, WANdisco is igniting a LiveData movement worldwide.
For more information on WANdisco, visit http://www.wandisco.com.