4th Jul 2022 09:34
(Alliance News) - WANdisco PLC on Monday said it has won a new internet of things contract with "a large European automotive components supplier" worth at least USD5 million.
Shares in the Sheffield-based data-management software company were up 6.9% to 310.00 pence each in London on Monday morning.
The customer will use WANdisco's LiveData Migrator to replicate sensor data from automotive components in an on-premise data centre to AWS for use in multiple analytics platforms.
WANdisco said that its "unique technology was the only solution capable of moving the sensor data to the cloud within the AWS ecosystem effectively." It also generates minimal business disruption, data consistency and security during the process, the company added.
The terms of the contract provide that 50% of the USD5 million will be paid in advance. Also, as it is a commit-to-consume contract, revenue will be recognised as the customer moves its data.
WANdisco said that its expects "considerable" data growth over the lifetime of the contract, representing a "potentially large expansion opportunity".
Last Tuesday, WANdisco won a USD11.6 million follow-on internet of things migration contract.
The company said that these successive wins "reaffirm the significant opportunity for WANdisco in this key growth market".
CEO & Chair David Richards said: "We have made great progress in aligning our business to the consumption models of our cloud and analytics partners with our commit-to-consume model offering improved revenue predictability and greater upsell opportunities for WANdisco. Internet of things remains a key focus area of growth for our business, and we see significant opportunities to both land new customers and expand on our existing relationships."
By Sophie Rose; [email protected]
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