Business
Trading and business update
Trading and business update.
About this update from Cirata Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6887K\n WANdisco Plc\n 06 January 2021\n \n \n \n \n 6 January 2021\n \n \n \n \n \n WANdisco plc\n \n \n \n \n \n (\"WANdisco\" or the \"Company\")\n \n \n \n \n \n Trading and business update\n \n \n \n \n \n · \n \n Expects to report preliminary revenue for FY20 of at least $10.5m\n \n \n \n · \n \n Strong momentum in Q4 through Azure and AWS channels\n \n \n \n · \n \n Expanding new business pipeline supports Board expectations for FY21\n \n \n \n \n \n \n \n \n WANdisco\n \n \n (WAND.L), the LiveData company, announces a trading update for the year ended 31 December 2020. Following the successful go-to-market launch of WANdisco's LiveData Platform for Azure and the introduction of metered billing, the Group sees a building pipeline of opportunities that reinforces Board expectations to deliver at least $35m revenue in FY21.\n \n \n \n \n \n 2020 saw significant strategic progress for the Company. The core product has been re-engineered from a traditional enterprise software platform to a cloud-first platform, which can be deployed in minutes without external assistance, enabling data transfer to begin immediately. As a result, the Company has launched the LiveData Platform for Azure, a native service within the Azure portal, and LiveData Migrator on the AWS Cloud. Across the year but predominantly in Q4, WANdisco signed 11 customers requiring data movement to the cloud: 8 for Azure and 3 for AWS. Through leveraging our cloud partners' sales teams, we expect to grow the customer base at a significantly faster rate in 2021 than in previous years. \n \n \n \n \n \n As announced at the Group's interim results, a number of customers in H1 2020 delayed their LiveData Platform for Azure purchase decision to wait for the availability of metered billing.\n \n This led to an impact on revenue recognition with a proportion of FY20 booked revenue expected to fall into FY21. Following the introduction of metered billing in October 2020, the Company expects to report preliminary revenue for FY20 of at least $10.5m. Year-end cash position is approximately $21m with $5m in trade receivables.\n \n \n \n \n \n Momentum has continued to build in H2 2020, with contracts won through both the Azure and AWS channels including a top three mobile operator, large Af...