15th Oct 2014 07:31
LONDON (Alliance News) - WANdisco PLC shares were boosted early Wednesday after the company said subscription bookings in the third quarter hit a record level and it expects to win a number of new subscription contracts in coming months.
The Big Data company said subscription bookings were up in the third quarter to September 30 by 21% to USD5.3 million. It said USD4.9 million of these bookings were for its Application Lifecycle Management products, up 15% year-on-year.
The group said multi-year contracts continue to be prevalent in its sales, particularly in the larger deals, meaning its future revenue visibility is increasing. In addition, the company said the bookings made in the quarter had a high upfront cash content, boosting its working capital position.
The group said USD0.4 million of the bookings were for Big Data products, comprising a single contract win with an unnamed Fortune 100 company.
The group also said the Big Data trial evaluations it announced in its interim results in September have progressed and it expects a significant number of these to be converted into subscription contracts in coming months.
In the quarter, the company also became a certified partner for the Big Data hardware appliances arms of Oracle Corp and IBM Corp, widening its distribution channels.
"As this year progresses we are positioned increasingly favourably in a Big Data marketplace that is attracting unprecedented levels of interest from global corporations," said WANdisco Chief Executive Officer David Richards.
WANdisco shares were up 8.3% to 325 pence on Wednesday morning, making it one of the best performers on the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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