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WANdisco expects revenue growth in 2021 amid 'strong momentum' and growing pipeline
StockMarketWire.com
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WANdisco, a LiveData company, has said it expects to deliver at least $35 million revenue for its 2021 financial year, after starting the year with "strong momentum" and building a pipeline of opportunities.
Momentum continued to build in H2 2020, with contracts won through both the Azure and AWS channels including a top three mobile operator, large Africa based financial services firm, and major US telecommunications business. The firm also launched the WANdisco's LiveData Platform for Azure and introduced metered billing.
As announced in the group's interim results, a number of customers in H1 2020 delayed their LiveData Platform for Azure purchase decision to wait for the availability of metered billing, which impacted on revenue recognition with a proportion of FY20 booked revenue expected to fall into FY21.
Following the introduction of metered billing in October 2020, the company expects to report preliminary revenue for FY20 of at least $10.5 million. Year-end cash position is approximately $21 million with $5 million in trade receivables.
Across the year but predominantly in Q4, WANdisco signed 11 customers requiring data movement to the cloud: eight for Azure and three for AWS. Through leveraging our cloud partners' sales teams, we expect to grow the customer base at a significantly faster rate in 2021 than in previous years.
The group has also expanded relationships with key partners, and in the last week of the quarter, the company signed a c$600k subscription contract with a large US financial services company.
Story provided by StockMarketWire.com
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