4 Jul 2022 07:00
4 July 2022
WANdisco plc
("WANdisco" or the "Company")
Large multi-year contract win with a global automotive supplier
Contract valued at a minimum of $5 million over five years, with significant potential for expansion
Further strengthens WANdisco's position in key IoT growth market
WANdisco (LSE: WAND), the data activation platform, has won a new Internet of Things ("IoT") contract with a large European automotive components supplier (the "Client'). The Client has entered into a Commit-to-Consume contract which is valued at a minimum of $5 million over five years, to replicate over an exabyte of automobile sensor data to the Amazon Web Services' ('AWS') cloud. The terms of the contract provide that 50% of the $5 million will be paid in advance. As it is a Commit-to-Consume contract, revenue will be recognised as the customer moves its data.
The Client is deploying WANdisco's LiveData Migrator ("LDM") to support its edge computing platform to replicate sensor data from automotive components in an on-premise data centre to AWS for use in multiple analytics platforms.
WANdisco's unique technology was the only solution capable of moving the sensor data to the cloud within the AWS ecosystem effectively. Additionally, WANdisco's LDM solution stood out for the Client as it guarantees minimal business disruption, data consistency and security during the process. This win represents another contract in the automotive components IoT space, and further reaffirms the significant opportunity for WANdisco in this key growth market.
This Commit-to-Consume contract aligns revenue to the consumption of services, as is the standard in the cloud, enhancing the predictability of future revenues for WANdisco. The Client expects considerable data growth over the lifetime of the contract, representing a potentially large expansion opportunity for WANdisco.
WANdisco CEO and Chairman David Richards, commented:
"This contract is the latest proof point of the meaningful momentum we are seeing in the systemic market shift to IoT. Businesses are increasingly looking to utilise and make sense of the copious amounts of data at hand, to drive performance and intelligent insights, and our solutions are uniquely capable of moving data seamlessly, at scale to the cloud. This value proposition is resonating with customers in our key markets.
We have made great progress in aligning our business to the consumption models of our cloud and analytics partners with our Commit-to-Consume model offering improved revenue predictability and greater upsell opportunities for WANdisco. IoT remains a key focus area of growth for our business, and we see significant opportunities to both land new customers and expand on our existing relationships."
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This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR") as retained as part of UK law by virtue of the European Union (Withdrawal) Act 2018 as amended. Market Soundings, as defined in MAR, were taken in respect of the proposed Placing with the result that certain persons became aware of this inside information, as permitted by MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this announcement on behalf of WANdisco is David Richards, Chief Executive Officer and Chairman of WANdisco.
About WANdisco
WANdisco is the data activation platform for accelerating digital transformation at scale. WANdisco makes infinite data actionable across clouds and enterprises in real time. WANdisco customers unleash the business value of the cloud with zero downtime, data loss, or disruption to fuel AI and machine learning, create new services, and transform businesses. For more information about WANdisco, visit www.wandisco.com.