Business momentum accelerating for data software provider
Live data business WANdisco, says the high visibility of its near term business pipeline gives it confidence in continued strong trading during 2022.
The Sheffield-headquartered company has issued a trading update for the quarter ended 31 March 2022.
The firm notes it is is well placed to capture significant market opportunities in high-quality Internet of Things (IoT) driven deals and expand into new verticals in the course of the year.
WANdisco saw strong trading in quarter one 2022 following significant contract wins for its LiveData Migrator (LDM) solution, both directly and via key cloud channel partners including Azure, AWS and IBM, as well as its principal analytics partners Databricks and Snowflake.
As a result, its unaudited quarter one 2022 bookings are $5.8m/£4.5m, up significantly from $1.1m/£847,000 in quarter one 2021.
The company adds it still has a strong balance sheet, with its quarter-end cash position expected to be approximately $21.3m/£16.4m, with $2.4m/£1.8m in trade receivables.
In quarter one 2022, the company secured significant contracts for LDM from IoT service providers, migrating data from on-premise edge platforms to the cloud.
The business says its ability to migrate data at scale without requiring any system downtime, along with its capacity to automatically migrate data changes as they occur – ensuring data consistency – were key factors in securing these contracts.
David Richards, CEO and chairman, said: “We are excited by further market opportunities to enter new verticals and are well placed to capitalise on an expected increase in IoT-driven deals this year.
“Quarter one 2022 saw a step-change in bookings and RPO and this strong momentum, combined with high near term visibility, gives us confidence in our ability to execute on the company’s strong quarter two and 2022 pipeline.”