Wandisco secures contract renewals with 'major' global organisations

Software firm Wandisco has secured contract renewals for its SVN MultiSite offering with two "major global organisations".

Wandisco said on Tuesday that automaker BMW, a customer since 2016, has agreed to a continued multi-year license engagement that covers usage of its source code management tools Subversion MultiSite Plus and Git MultiSite.

The AIM-listed group also stated Maxim Integrated, a subsidiary of Analog Devices, has agreed to a five-year subscription license renewal. Maxim Integrated has increased its usage of SVN MultiSite by over 50% since 2018 and views the firm's solutions as "mission critical".

Wandisco said: "Taken together, these two contract renewals are expected to deliver $1.5m in revenue to Wandisco over the next five years. It is anticipated that approximately $1.0m of this revenue will be recognised in current financial year FY2023.

"A further approximately $200,000 will be recognized in FY2024, with approximately $100,000 recognised in each of the remaining three financial year periods."

As of 0950 BST, Wandisco shares were untraded at 1,310.0p.

Reporting by Iain Gilbert at Sharecast.com