WANdisco Plc Third deal with global auto supplier (4531J)
December 13 2022 - 1:00AM
UK Regulatory
TIDMWAND
RNS Number : 4531J
WANdisco Plc
13 December 2022
13 December 2022
WANdisco plc
("WANdisco" or the "Company")
Third deal with global auto supplier
Even larger second follow-on deal with global auto supplier
Now a total of $25.3 million agreed with large European
automotive supplier
Increased contract size due to significant customer win by our
Client
WANdisco (LSE: WAND), the data activation platform, is pleased
to announce that it has signed its second follow-on agreement worth
a further $13.2 million (the "Follow-on Contract") with a large
European automotive components supplier (the "Client"). The
combined Commit-to-Consume contract value from the three agreements
with this Client in 2022 now totals $25.3 million.
Terms were originally signed with this Client to replicate
automobile sensor data to the Amazon Web Services ("AWS") cloud.
However, the initial data that was to be transferred has again
exceeded initial requirements, driven by a significant customer win
by the Client.
Per the terms of the previous follow-on contract, originally
announced as a $5m contract on 4 July 2022, that subsequently was
increased to $12.1m contract as announced on 4 October 2022; and
this has now further increased to $25.3 million. Half of the
aggregated $25.3 million will be paid in advance. As it is a
Commit-to-Consume contract, revenue will be recognised in step with
the Client's movement of data.
As data volumes continue to grow across multiple industry
sectors, WANdisco expects the data transfer needs of customers
across these verticals to increase, providing a significant
long-term opportunity for the Company and driving increased
bookings visibility and predictability of revenues.
David Richards, CEO and Chairman of WANdisco, commented :
"We are pleased to have signed yet another significant follow-on
deal with a large customer in the key automotive sector in IoT. Our
unique technology means that we remain the only platform capable of
effectively moving sensor data to the cloud at scale, within the
Client's chosen ecosystem.
We are seeing an acceleration of interest in our solutions and
as a result, our pipeline remains at a record level both in terms
of the number of opportunities and the combined value of those
opportunities. We believe that the rapid expansion that has
followed the initial contract in this Client case is something we
expect to replicate with a number of other customers. We expect to
report further progress before the year end. "
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 +44 (0)20 7039 1901
FTI Consulting +44 (0)20 3727 1137
Matt Dixon / Kwaku Aning / Tom
Blundell
Stifel (Nomad and Joint Broker) +44 (0)20 7710 7600
Fred Walsh / Richard Short
Panmure Gordon (Joint Broker)
Erik Anderson / Alina Vaskina
/ Dougie McLeod +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 .
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END
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