Significant contract win and market update
WANdisco plc
("WANdisco" or the "Company")
Significant contract win and market update
IBM has secured a $3.3m three-year contract with a large North American multinational investment bank for the use of LiveData Migrator in an initial on-premise use case
WANdisco's revenue share will be 50% of the license under its long-standing OEM agreement with IBM
Following this contract win, management now expects FY21 revenues to be meaningfully ahead of current market estimates
WANdisco ® (LSE: WAND), the LiveData company, today announces a significant contract win through its IBM channel. IBM has secured a $3.3m three-year license contract with a large North American multinational investment bank for the use of LiveData Migrator.
The initial use case will be for on-premises data replication with further use cases for cloud migration providing opportunities to expand the relationship. Following the agreement with IBM, WANdisco will obtain 50% of the license revenue.
This announcement follows last year's extension of WANdisco and IBM's existing relationship which integrated WANdisco's LiveData Migrator into IBM's Big Replicate solution; allowing IBM customers to seamlessly migrate on-premise data to hybrid cloud and multi-cloud infrastructures.
Further to this agreement, the management now expects FY21 revenues to be meaningfully ahead of current market estimates.
David Richards, CEO and Chairman, WANdisco, said : "IBM is our longest standing partner and I am pleased to see our relationship continue to bear fruit with this important financial services customer win. The initial use case is on-premise data replication but going forward, there are further use cases in the cloud which opens up additionalexpansion opportunities. LiveData Migrator has been available for just over a year and is making important strides across multiple platforms and use cases. It remains the only solution for zero disruption and zero downtime data replication at scale.
Following this contract, we are pleased to update our financial expectations for FY21. We now expect FY21 revenues to be meaningfully ahead of current market estimates."
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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Daud Khan, VP Corporate Development |
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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 |
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's LiveData Cloud Services 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 LiveData Platform keeps 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. For more information on WANdisco, visit www.wandisco.com .
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