Record $31m agreement with second global telco
20 December 2022
WANdisco plc
("WANdisco" or the "Company")
Record $31m agreement with second global telco
Largest client agreement to date with a minimum contract value of $31m
FY22 Bookings now expected to be significantly ahead of market expectations
Continued new business progress in IoT use cases
WANdisco (LSE: WAND), the data activation platform, is pleased to announce that it has signed an agreement worth $31m with a second tier 1 global telecommunications supplier (the "Client"). Half of the $31m will be paid in advance following the commencement of the project. As this is a Commit-to-Consume agreement, revenue will be recognised in step with the Client's movement of data.
The telecommunications sector is a key strategic target market for the Company as it supports a number of industry verticals with their own Internet of Things ("IoT") use cases. In this case, the Client is one of the largest global service suppliers of Internet of Things ('IoT') applications. Initial use cases are expected to include smart meter, automotive, manufacturing and natural gas related data.
WANdisco was chosen as the preferred provider because of its ability to migrate data at scale without requiring any system downtime, along with its capacity to automatically migrate data changes as they occur, ensuring data consistency.
David Richards, CEO and Chairman of WANdisco, commented :
"This is the second tier 1 global telecommunications company to choose WANdisco's solutions this year, underpinning our unique ability to seamlessly and securely migrate large scale data from edge platforms to the cloud. This contract represents a record initial agreement for our business, with the potential for this value to grow further as we have seen with other customers.
The IoT use case of moving data from edge platforms to the cloud, is continuing to drive a significant pipeline of opportunities for our business. Companies across multiple industry verticals face significant challenges in successfully executing this data movement and unlocking the full capabilities of the cloud. Our unique solutions and proven experience in the IoT market make us well placed to continue winning market share and supporting global clients in these use cases.
Following this agreement, bookings for FY22 are now expected to be significantly ahead of market expectations."
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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