The multi-million dollar contract to an unnamed financial instutution is valued at $4.32m.
Companies: Cirata Plc
WANdisco (LON: WAND) has won its largest contract to-date with "one of the world's leading financial institutions" to supply its Fusion live data platform.
The deal is valued at $4.32m in royalties and is the second multi-million dollar contract in the financial services sector secured by the Group in 2017.
According to the announcement, the Group's product was deemed to be:
"The only enterprise-grade solution able to support critical Cloud and Big Data applications. Fusion will be used to enable the Client to move critical live data seamlessly between both primary and disaster recovery sites and the Cloud whilst ensuring the data is always available."
Shares in WAND were up almost 10% to 620p this morning off the back of the news.
David Richards, Chief Executive of WANdisco commented:
"We are delighted to have secured this record contract win, which further endorses our strong credentials within the financial services sector as well as providing additional validation that our IBM partnership is successfully delivering our solutions into very large enterprise customers."
Corporate broker Edison was understandably positive about the win, saying in its note today:
"The deal helps put into context the company’s recent fundraise, with $22m raised from the issue of 2.97m new shares (7.8% dilution) to support a faster roll-out of the company’s OEM strategy. The funds will be used to support the commercial and technical integration with existing partners and to assist with onboarding of new ones in parallel.
We will revise our estimates following the next trading update anticipated in mid-January. Nevertheless, this deal should leave our FY17 bookings ($21.7m) and revenue ($17m) estimates well underpinned."
