WANdisco Plc $12.7m Contract and Trading Update (5439K)
December 22 2022 - 1:00AM
UK Regulatory
TIDMWAND
RNS Number : 5439K
WANdisco Plc
22 December 2022
22 December 2022
WANdisco plc
("WANdisco" or the "Company")
$12.7m Contract and Trading Update
$12.7m data migration contract with global automotive
manufacturer
FY22 revenues expected to be significantly ahead of market
expectations
Record FY22 bookings of $116m
WANdisco (LSE: WAND), the data activation platform, is pleased
to announce that it has signed an initial agreement (the
"Agreement") worth $12.7m with a global European based automotive
manufacturer (the "Client"). The Agreement is for Internet of
Things ('IoT') data that resides in the Client's data centre to be
migrated to the cloud. The Agreement is a one-off migration rather
than a commit-to-consume contract, and as such, approximately 80%
of the revenues from this agreement are expected to be recognised
in FY22, with the balance falling into FY23.
WANdisco was chosen due to its proven ability to migrate
petabyte scale data. Once the migration is complete, it is expected
that the Client will launch a range of IoT-related services.
With the advent of electronic vehicles, automotive manufacturers
are increasingly seeing data as an important revenue opportunity.
WANdisco continues to see significant interest in the Company's
solutions from automotive manufacturers globally and expects
further progress in this industry vertical as a core and growing
market for WANdisco.
Following this new Agreement, the Board expects that FY22
revenues will be significantly ahead of market expectations and no
less than $19m. In addition, bookings for FY22 are expected to be
in excess of $116m.
David Richards, CEO and Chairman of WANdisco, commented :
"We are delighted to have secured this agreement with a global
automotive manufacturer. This contract shows that WANdisco is the
preferred choice for customers that want to seamlessly and securely
migrate large scale data from on premise and edge platforms to the
cloud.
The transport industry which includes automotive manufacturers,
automotive component suppliers and rail companies represents a
sizeable opportunity for the Company. Interest in the Company's
solutions has accelerated and includes active discussions with
several automotive manufacturers to use WANdisco's unique
technology to move data to the cloud, enabling several additional
services to be offered to its customers.
As we exit 2022, we look forward to 2023 with confidence; not
only do we expect to convert the significant opportunities we have
in our pipeline but we hope to see increased consumption from all
of the agreements signed in 2022, providing increased revenue
visibility as we progress through the year."
For further information, please contact:
WANdisco plc via FTI Consulting
David Richards, Chief Executive
Officer and Chairman
Erik Miller, Chief Financial Officer +44 (0)20 7039
Kam Bansil, Investor Relations 1901
+44 (0)20 3727
FTI Consulting 1137
Matt Dixon / Kwaku Aning / Tom Blundell
+44 (0)20 7710
Stifel (Nomad and Joint Broker) 7600
Fred Walsh / Richard Short
Panmure Gordon (Joint Broker)
Erik Anderson / Alina Vaskina / +44 (0)20 7886
Dougie McLeod 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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