5th Aug 2014 08:17
LONDON (Alliance News) - WANdisco PLC shares rose early Tuesday after the firm said it has agreed a revolving credit facility with HSBC Bank PLC worth USD10 million, funds that will be used to support its expansion into the so-called Big Data market.
WANdisco shares were up 8.1% to 467 pence on Tuesday, putting it among the London market's top ten risers.
The funds available through the facility, which will be available to the firm until March 31 2017, will be used to back its expansion into the big data segment, including product development and go-to-market activities.
"HSBC's involvement, alongside our equity investors, diversifies our financing options as we expand in the Big Data marketplace, a marketplace that is attracting corporate investments on a significant scale," Paul Harrison, Chief Financial Officer at WANdisco, said.
Big Data are data sets that are too large and complex to manipulate or interrogate with standard methods or tools. Technology companies are rushing to develop new tools that can analyze, sort and make sense of these giant sets of data.
By Sam Unsted; [email protected]; @SamUAtAlliance
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