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WANdisco PLC on Monday said it has received ‘record’ bookings in the first six months of the year, as it anticipates further follow-on contracts.
Bookings in the first half of 2022 soared to $27.3 million from $2.1 million the year prior. The Sheffield-based data-management software company said this ‘record level’ was driven by significant contract wins for its LiveData Migrator and LiveData Migrator for Azure solutions.
The company added that a ‘key customer selling point’ is LiveData Migrator's ability to provide the customer with the ability to move data to any cloud provider enabling ultimate ownership of data. It also generates minimal business disruption, data consistency and security during the process.
Remaining performance obligation is expected to be around $31 million at June 30, up ‘significantly’ from $3.5 million year-on-year. Further, WANdisco said that it has ended the six-month period with a ‘strong’ balance sheet, with cash of around $32.5 million and $13.1 million in trade receivables.
Looking ahead, WANDdisco said that several of its internet of things contracts, secured in the first six months of 2022, have the potential for expanded use cases and additional commit-to-consume revenue. Back in June, the company won a $11.6 million follow-on internet of things migration contract with a ‘top top global telco’. These successive wins reaffirm WANdisco's opportunity to expand in its key markets, the company added.
Chief Executive & Chair David Richards said: ‘Looking ahead, the key task for us is to remain focused on converting our robust pipeline of opportunities. Many of these opportunities are being driven by the explosion in IoT use cases, and we remain confident in our ability to deliver continued strong trading through 2022 and beyond.’
Shares in WANdisco down up 1.2% to 288.63 pence each in London on Monday morning.
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