Business
$12.7m Contract and Trading Update
$12.7m Contract and Trading Update.
About this update from Cirata Plc
[{"type":"text","content":"\n \n \n 22 December 2022\n \n \n \n \n \n \n WANdisco plc\n \n \n \n \n \n \n \n \n \n (\"WANdisco\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n $12.7m Contract and Trading Update\n \n \n \n \n \n \n \n $12.7m data migration contract with global automotive manufacturer\n \n \n \n \n FY22 revenues expected to be significantly ahead of market expectations\n \n \n \n \n Record FY22 bookings of $116m\n \n \n \n \n \n \n \n \n \n \n \n \n \n WANdisco\n \n \n (LSE: WAND), the data activation platform, is pleased to announce that it has signed an initial agreement (the \"Agreement\") worth $12.7m with a global European based automotive manufacturer (the \"Client\"). The Agreement is for Internet of Things ('IoT') data that resides in the Client's data centre to be migrated to the cloud. The Agreement is a one-off migration rather than a commit-to-consume contract, and as such, approximately 80% of the revenues from this agreement are expected to be recognised in FY22, with the balance falling into FY23.\n \n \n WANdisco was chosen due to its proven ability to migrate petabyte scale data. Once the migration is complete, it is expected that the Client will launch a range of IoT-related services.\n \n \n With the advent of electronic vehicles, automotive manufacturers are increasingly seeing data as an important revenue opportunity. WANdisco continues to see significant interest in the Company's solutions from automotive manufacturers globally and expects further progress in this industry vertical as a core and growing market for WANdisco.\n \n \n \n \n \n Following this new Agreement, the Board expects that FY22 revenues will be significantly ahead of market expectations and no less than $19m. In addition, bookings for FY22 are expected to be in excess of $116m.\n \n \n \n \n \n \n David Richards, CEO and Chairman of WANdisco, commented\n \n :\n \n \n \n \n \n \n \"We are delighted to have secured this agreement with a global automotive manufacturer. This contract shows that WANdisco is the preferred choice for customers that want to seamlessly and securely migrate large scale data from on premise and edge platforms to the cloud.\n \n \n \n \n \n \n \n \n \n The transport industry which includes automotive manufacturers, automotive component suppliers and rail companies re...