4th Oct 2022 13:17
(Alliance News) - WANdisco PLC on Tuesday said has signed a follow-on agreement with an unnamed European automotive components supplier to transfer data from its sensors to the cloud.
The Sheffield-based data-management software company said the follow-on agreement is worth USD7.1 million.
WANdisco initially entered a 'Commit-to-Consume' contract with the client in July worth USD5 million over five years. Terms were signed to replicate sensor data from automobiles to the Amazon Web Services cloud. However, initial data exceeded the volume of data agreed in the original contract. As a result WANdisco signed the follow-on contract with 50% of the now USD12.1 million to be paid in advance.
WANdisco said the client expects to see its data needs grow further over the contract, as an increasing number of vehicles incorporate their sensors from which data is collected. This represents a "potentially significant expansion opportunity", it noted.
As it is a 'Commit-to-Consume' contract, revenue will be recognised as the client moves its data.
Chief Executive Officer David Richards said: "We are pleased to announce this follow-on deal with a key client in an exciting target market, reaffirming the substantial opportunity for WANdisco in this key vertical. 'Internet of Things' data is playing a critical role in the transformation of technologies such as Advanced Driver Assistance Systems. These powerful systems need to process vast amounts of data and execute instructions, using an array of sensors continually and successfully."
Shares in WANdisco were trading 2.0% higher at 518.00 pence each on Tuesday afternoon.
By Chris Dorrell; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
WAND.L