14th Feb 2019 11:20
LONDON (Alliance News) - WANdisco PLC said Thursday it has received advanced technology partner status with Amazon Web Services' partner network.
The company also announced it has raised USD17.5 million through the subscription of 2.5 million shares.
Shares in the enterprise data-management software company were up 20% in mid-morning trade at 602.20 pence each.
WANdisco said the advanced technology partner status is the highest tier for technology partners that provide software solutions in the Amazon Web Services partner network.
"Our new accreditation with AWS represents a major advancement in our relationship. We recently launched LiveData for MultiCloud and won our first contract. We worked directly with AWS on that subscription contract where Fusion was deployed to enable continuous replication of data across multiple Amazon cloud environments and locations. This new status strengthens our relationship and significantly expands our sales channel opportunities," said Chief Executive David Richards.
WANdisco, separately, announced it has raised USD17.5 million through the subscription of 2.5 million shares at 546p each. The price represents a premium of 9.2% on WANdisco's closing price on Wednesday.
The 2.5 million share subscription represents 5.9% of the company's issued share capital. The shares are expected to be admitted on AIM on February 20.
WANdisco said the funds will be used to support its cloud partners and to provide "growth working capital".
The company also gave an update on its current trading, saying its revenue for 2018 is expected to be in line with its expectations. In 2017, WANdisco recorded revenue of USD19.6 million.
WANdisco's "strong" end to the year - winning contracts with Microsoft, IBM and Amazon Web Services - allow it to scale its annualised value of recurring revenue "over time".
Richards said: "In 2018 we planned to expand our partner ecosystem and fully leverage the power of this sales model, while carefully controlling our costs. Our momentum in the second half has continued into January and our sales pipeline is the largest in the company's history. All of which, gives me confidence in our prospects for 2019 and beyond. The USD17.5 million placing announced today is an excellent example of the group's momentum, providing us with additional funding to leverage a number of significant opportunities to expand our existing partner relationships."
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