Live data business wins follow-on contract worth £6.3m
Data activation business, WANdisco, has signed a follow-on agreement worth $7.1m/£6.3m with a large European automotive components supplier.
The client initially entered into a commit-to-consume contract with Sheffield-based WANdisco valued at a minimum of $5m/£4.4m over five years, as revealed on 4 July 2022.
Terms were originally signed to replicate automobile sensor data to the Amazon Web Services (AWS) cloud. However, initial data to be transferred exceeds the volume of data agreed in the original contract.
The client expects to see its data needs grow further over the lifetime of the contract, as an increasing number of vehicles incorporate their sensors from which data is collected representing a potentially significant expansion opportunity for WANdisco.
The increased necessity for WANdisco’s services is linked to the client entering a major collaboration with a multinational vehicle manufacturer to provide Advanced Driver Assistance Systems (ADAS) domain controller, sensors and software for parking and manoeuvring.
David Richards, CEO and co-founder, said: “We are pleased to announce this follow-on deal with a key client in an exciting target market, reaffirming the substantial opportunity for WANdisco in this key vertical.
“IoT data is playing a critical role in the transformation of technologies such as ADAS. These powerful systems need to process vast amounts of data and execute instructions, using an array of sensors continually and successfully.
“These evolving and growing data needs both in automotive and across multiple sectors give us confidence in the further significant opportunities for our business as we look to build and execute on a strong pipeline of future deals.”