24 Apr 2017 07:00
24 April 2017
WANdisco plc
("WANdisco" or the "Company")
Significant customer win and Q1 update
- WANdisco secures record $4.1 million contract with major financial institution
- Delivered cashflow neutral performance in Q1 2017
WANdisco (LSE: WAND), the world leader in Active Data Replication™, announces its largest ever contract with a major financial services multinational (the "Client"). The agreement was signed in Q1 2017, is valued at approximately $4.1 million and will see the Client deploy the Company's patented Big Data and Cloud product, WANdisco Fusion ("Fusion"), on a volume limited, perpetual license.
Fusion was selected after an extensive period of testing by the Client and was deemed to be the only enterprise-grade solution able to support critical Cloud and Big Data applications. Central to selecting WANdisco was Fusion's capability to enable the Client to move active, critical data seamlessly between both primary and disaster recovery sites and the Cloud without any downtime.
The Company is also pleased to report that it ended Q1 2017 with cash of $7.6 million, reducing cash burn in the quarter to zero. The combination of strong prior quarter bookings, good cash collection and expense efficiencies realised in the quarter, along with the receipt of the annual R&D Tax Credit from HMRC all contributed to zero cash burn in the quarter.
David Richards, Chief Executive Officer and Interim Chairman of WANdisco, commented:
"I am delighted to announce our largest deal since the inception of WANdisco. This highly competitive and technologically complex mandate reinforces our belief that Fusion is the only solution that can enable organisations to seamlessly move large volumes of critical data without any downtime or service disruption - something many thought impossible.
"We continue to see increasing traction with WANdisco Fusion, which is providing the foundation for our strong order book and sales pipeline for the current financial year."
For further information, please contact:
WANdisco plc | via Vigo Communications |
David Richards, Chief Executive Officer and Interim Chairman |
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Erik Miller, Chief Financial Officer |
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Vigo Communications | +44 (0)207 830 9700 |
Jeremy Garcia / Fiona Henson / Antonia Pollock www.vigocomms.com | |
Stifel (Joint Broker and Nomad) | +44 (0)207 710 7600 |
Fred Walsh / Neil Shah / Ben Maddison / Rajpal Padam |
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UBS (Joint Broker) Rahul Luthra / Sandip Dhillon | +44 (0)207 567 8000 |
About WANdisco
WANdisco is the world leader in Active Data Replication™. Its patented WANdisco Fusion technology enables the replication of continuously changing data to the cloud and on-premises data centers with guaranteed consistency, no downtime and no business disruption. It also allows distributed development teams to collaborate as if they are all working in one location. WANdisco has an OEM with IBM as well as partnerships with Amazon Web Services, Cisco, Google Cloud, Hewlett Packard Enterprise, Microsoft Azure, and Oracle to resell its patented technology. WANdisco also works directly with Fortune 1000 companies around the world to ensure their data gives them the real insight they need.
For additional information, please visit www.wandisco.com.