6 Jan 2021 07:00
6 January 2021
WANdisco plc
("WANdisco" or the "Company")
Trading and business update
· Expects to report preliminary revenue for FY20 of at least $10.5m
· Strong momentum in Q4 through Azure and AWS channels
· Expanding new business pipeline supports Board expectations for FY21
WANdisco (WAND.L), the LiveData company, announces a trading update for the year ended 31 December 2020. Following the successful go-to-market launch of WANdisco's LiveData Platform for Azure and the introduction of metered billing, the Group sees a building pipeline of opportunities that reinforces Board expectations to deliver at least $35m revenue in FY21.
2020 saw significant strategic progress for the Company. The core product has been re-engineered from a traditional enterprise software platform to a cloud-first platform, which can be deployed in minutes without external assistance, enabling data transfer to begin immediately. As a result, the Company has launched the LiveData Platform for Azure, a native service within the Azure portal, and LiveData Migrator on the AWS Cloud. Across the year but predominantly in Q4, WANdisco signed 11 customers requiring data movement to the cloud: 8 for Azure and 3 for AWS. Through leveraging our cloud partners' sales teams, we expect to grow the customer base at a significantly faster rate in 2021 than in previous years.
As announced at the Group's interim results, a number of customers in H1 2020 delayed their LiveData Platform for Azure purchase decision to wait for the availability of metered billing. This led to an impact on revenue recognition with a proportion of FY20 booked revenue expected to fall into FY21. Following the introduction of metered billing in October 2020, the Company expects to report preliminary revenue for FY20 of at least $10.5m. Year-end cash position is approximately $21m with $5m in trade receivables.
Momentum has continued to build in H2 2020, with contracts won through both the Azure and AWS channels including a top three mobile operator, large Africa based financial services firm, and major US telecommunications business. The Group has also expanded relationships with key partners with a global agreement with Infosys announced in September and LiveData Migrator integrated into IBM's Big Replicate solution in December. In the last week of the quarter, the Company signed a c$600k subscription contract with a large US financial services company.
Since the go-to-market launch of WANdisco's Azure LiveData Platform in October there has been expanding pipeline development and customers have migrated in aggregate over 3PB of data. Current pipeline visibility supports the Board's expectation of migrating in excess of 100PB of data to the Azure cloud (with more than 50 customers signed over the year) and greater than 30PB into the AWS cloud in FY21.
David Richards, CEO and Co-founder of WANdisco said:
"In H2 2020 we delivered on our stated strategy and objectives, achieving metered billing and the go-to-market launch of our Azure product, coupled with significant progress with LiveData Migrator for AWS. We have entered FY21 with strong momentum, having continued to grow and convert our pipeline of opportunities with Azure and AWS in Q4, reinforcing our expectation to achieve at least $35m revenue in FY21."
For further information, please contact:
WANdisco plc | via FTI Consulting |
David Richards, Chief Executive Officer and Chairman | |
Erik Miller, Chief Financial Officer | |
Daud Khan, VP Corporate Development | |
FTI Consulting | +44 (0)20 3727 1137 |
Matt Dixon / Chris Birt / Kwaku Aning | |
Stifel (Nomad and Sole Broker) | +44 (0)20 7710 7600 |
Fred Walsh / Richard Short |
About WANdisco
WANdisco is the LiveData company. WANdisco solutions enable enterprises to create an environment where data is always available, accurate and protected, creating a strong backbone for their IT infrastructure and a bedrock for running consistent, accurate machine learning applications. With zero downtime and zero data loss, WANdisco's products keep geographically dispersed data at any scale consistent between on-premises and cloud environments allowing businesses to operate seamlessly in a hybrid or multi-cloud environment. WANdisco has over a hundred customers and significant go-to-market partnerships with Microsoft Azure, Amazon Web Services, Google Cloud, Oracle, and others as well as OEM relationships with IBM and Alibaba. For more information on WANdisco, visit http://www.wandisco.com. www.wandisco.com