$12.7m Contract and Trading Update
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:
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WANdisco plc |
via FTI Consulting |
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David Richards, Chief Executive Officer and Chairman |
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Erik Miller, Chief Financial Officer Kam Bansil, Investor Relations |
+44 (0)20 7039 1901 |
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FTI Consulting |
+44 (0)20 3727 1137 |
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Matt Dixon / Kwaku Aning / Tom Blundell |
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Stifel (Nomad and Joint Broker) |
+44 (0)20 7710 7600 |
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Fred Walsh / Richard Short |
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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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