Record Big Data contract for Wandisco

David Richards, chief executive of WANdisco

Software business Wandisco has secured a record $4.1m (£3.2m) contract with a major financial institution.

The Sheffield and San Francisco firm has agreed a deal which will see the unnamed institution use Wandisco’s Big Data dn Cloud product Fusion on license.

The company said that its Fusion product allowed the client to move active, critical data between both primary and disaster recovery sites and the Cloud “without any downtime”.

Wandisco also reported that it ended Q1 2017 with cash of $7.6m, reducing cash burn in the quarter to zero. It said that a combination of strong prior quarter bookings, good cash collection and expense efficiencies were realised in the quarter, along with the receipt of the annual R&D Tax Credit from HMRC.

This marks another milestone for Wandisco which suffered a turbulent year last year. Its share price jumped following the launch of Big Data product fusion, and it reduced losses by an impressive £17m in 2016.

The company was plagued by managerial disputes, which saw the departure and then return a month later of founder and chief executive David Richards. His return coincided with the departures of chairman Paul Walker and non-executive director Ian Duncan.

David Richards, chief executive officer and Interim Chairman of WANdisco, commented: “I am delighted to announce our largest deal since the inception of WANdisco. This highly competitive and technologically complex mandate reinforces our belief that Fusion is the only solution that can enable organisations to seamlessly move large volumes of critical data without any downtime or service disruption – something many thought impossible.

“We continue to see increasing traction with WANdisco Fusion, which is providing the foundation for our strong order book and sales pipeline for the current financial year.”

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