Wandisco secures contract renewals with '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