Major IoT deal with multinational insurance group
05 April 2022
WANdisco plc
("WANdisco" or the "Company")
Major IoT deal with multinational insurance group
LiveData Migrator and LiveData Migrator for Azure General Availability leads to significant contract win
Commit-to-Consume contract with the potential to expand across geographies
WANdisco (LSE: WAND), the LiveData company , today announces that it has signed a contract worth $630k with one of the largest insurance groups (the "Group") in Europe. This contract is structured as a Commit-to-Consume transaction and revenues will begin to be realised this year.
Using WANdisco's LiveData Migrator (LDM) and LiveData Migrator for Azure (LDMA) the Group plans to automate the migration of IoT data to multiple cloud providers including AWS, Azure and Google.
The Group intends to move large amounts of Internet of Things (IoT) data, originally collected from connected cars to the cloud, enabling it to implement new insurance models based on driving behaviours.
WANdisco was chosen as the preferred solution provider as the Group was looking for a cloud-agnostic provider that offered the flexibility to transfer data to multiple cloud platforms, in line with its multi-cloud strategy.
As the Group operates in over 30 countries across Europe and Asia, WANdisco projects that revenue from this Group has the potential to grow beyond the initial $630k agreement, as the Group migrates increasing amounts of data over time.
David Richards, CEO and Co-founder of WANdisco said:
"This deal underpins WANdisco's excitement about the size of our market opportunity in cloud and IoT. This agreement with one of the world's largest insurance groups has significant upside potential for our partnership to scale further under our Commit-to-Consume contract model.
We are hugely confident about gaining further market share especially as the cloud-agnostic nature of our solutions and the General Availability of LiveData Migrator and LiveData Migrator for Azure were essential in converting this opportunity. Our pipeline of growth opportunities in the IoT space remains strong as we progress through this 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 |
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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 |
+44 (0)20 7886 2500 |
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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. Market Soundings, as defined in MAR, were taken in respect of the proposed Placing with the result that certain persons became aware of this inside information, as permitted by MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 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 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
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