WANdisco Plc Record $31m agreement with second global telco (2396K)
December 20 2022 - 2:00AM
UK Regulatory
TIDMWAND
RNS Number : 2396K
WANdisco Plc
20 December 2022
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:
WANdisco plc via FTI Consulting
David Richards, Chief Executive
Officer and Chairman
Erik Miller, Chief Financial Officer
Kam Bansil, Investor Relations +44 (0)20 7039 1901
FTI Consulting +44 (0)20 3727 1137
Matt Dixon / Kwaku Aning / Tom
Blundell
Stifel (Nomad and Joint Broker) +44 (0)20 7710 7600
Fred Walsh / Richard Short
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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END
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