21 Sep 2022 07:00
21 September 2022
WANdisco plc
("WANdisco" or the "Company")
Record Contract and Outlook Update
$25m agreement with top ten global communications company
Bookings for FY2022 to be significantly ahead of current market expectations
WANdisco (LSE: WAND), the data activation platform, is pleased to announce that it has signed its largest ever contract with a value of $25m with a top ten global communications company (the "Customer"). Following this Customer win, the Company expects record bookings for FY2022, significantly ahead of current market expectations.
As a Commit-to-Consume contract, revenue will be recognised over time and has the potential to grow further as its data requirements grow. This is the fourth consecutive contract with the Customer, following the $11.6m order announced on 28 June, earlier this year. The cumulative contracts from this Customer now total $39.3m during 2022, demonstrating the opportunity for WANdisco to land and expand deals, using its Commit-to-Consume model.
The Customer had previously used WANdisco's solutions to migrate smart meter data from an on-premise Hadoop cluster to multiple cloud providers. This follow-on deal comes as the Customer has seen a proliferation of smart meter data and has new Internet of Things (IoT) data needs in the automotive sector.
This Commit-to-Consume contract structure not only drives greater adoption of WANdisco's solutions in future periods but also enables significant expansion opportunities. This drives further revenue growth for WANdisco as customers see their requirements scale, and demands to migrate data increase over time.
David Richards, CEO and Co-founder of WANdisco said:
"Throughout 2022, we have outlined how the enhanced trust and confidence both new and existing customers have in our business, combined with the proliferation of data through IoT and 5G - has unlocked a range of use cases and significant commercial commitments.
This $25m order, our largest ever, is the fourth successive agreement we have signed with this Customer, showcasing the significant expansion opportunities enabled by the uniqueness of our technology. We remain excited about the opportunity in IoT, where we are seeing increasingly larger opportunities across multiple sectors, particularly in telecommunications and automotive.
Following this latest contract and our robust pipeline, we expect bookings for FY2022 to be significantly ahead of current market expectations."
For further information, please contact:
WANdisco plc | via FTI Consulting | |
David Richards, Chief Executive Officer and Chairman | ||
Erik Miller, Chief Financial Officer Kam Bansil, Investor Relations | ||
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FTI Consulting | +44 (0)20 3727 1137 | |
Matt Dixon / Kwaku Aning / Tom Blundell |
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Stifel (Nomad and Joint Broker) | +44 (0)20 7710 7600 | |
Fred Walsh / Richard Short |
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Panmure Gordon (Joint Broker) Erik Anderson / Alina Vaskina | +44 (0)20 7886 2500 | |
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. 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.www.wandisco.com