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WANdisco PLC on Wednesday said it has signed its ‘largest ever’ contract worth $25 million with a ‘top ten global communications company’.
Shares in the Sheffield-based data-management software company were up 11% to 447.70 pence each in London on Wednesday around midday.
WANdisco said this is the fourth contract with the unnamed customer and the cumulative contracts from the client now total $39.3 million during 2022.
It added that it is a commit-to-consume contract, meaning revenue will be recognised as the customer moves its data.
The customer has previously used WANdisco's solutions to migrate smart meter data from an on-premise Hadoop cluster to multiple cloud providers.
This follow-on deal comes as the customer has seen a proliferation of smart meter data and has new internet of things data needs in the automotive sector, WANdisco explained.
The company said that based on this new contract win, it now expects to record bookings significantly ahead of expectations for financial year 2022.
Co-Founder & Chief Executive David Richards said: ‘This $25 million order, our largest ever, is the fourth successive agreement we have signed with this customer, showcasing the significant expansion opportunities enabled by the uniqueness of our technology.
‘We remain excited about the opportunity in Internet of things, where we are seeing increasingly larger opportunities across multiple sectors, particularly in telecommunications and automotive,’ Richards continued.
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