Significant contract renewals and expansions
30 June 2022
WANdisco plc
("WANdisco" or the "Company")
Significant contract renewals and expansions
Contracts valued at $2.5m in aggregate
Sticky client relationships through mission-critical products
Potential to grow in largely untapped Chinese market
WANdisco (LSE: WAND), the data activation platform, is pleased to announce it has secured two contracts with leading information and communications technology providers (the "Providers") in China. The contracts are valued at $2.5 million in aggregate with approximately 50% of the value recognized as revenue immediately and were secured directly by WANdisco. The contracts represent a renewal and significant expansions of two existing licence agreements with key clients.
The Providers chose WANdisco for its unique technology and because it was the only solution capable of synchronizing client data across distributed development teams in different geographies. These contracts signify WANdisco's deepening relationships with its customers and show how the Company's mission-critical solutions become an integral part of its customers' development infrastructure.
These contracts are structured as limited perpetual licences with annual maintenance for 5 years.
WANdisco CEO and Chairman David Richards, commented:
"China remains a largely untapped market for us where we are steadily building a presence with our direct sales channel and reseller relationships. In this case, the clients are both global companies with a presence in multiple geographies. The expanded contracts showcase both the strength of our strategic alliances and the mission-critical nature of our products. China is also one of the largest markets in the world for IoT, a key strategic avenue for the Company going forwards.
The major reorganization of our direct sales function and go-to-market strategy is now clearly bearing fruit with greater pipeline visibility, lower operating costs and expanded use case opportunities for our products. We now have a solid platform to grow in this key strategic market and see a strong pipeline of potential opportunities."
For further information, please contact:
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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), 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 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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