Wandisco secures contract with large European insurer

Wandisco said on Tuesday that the agreement with its unnamed client was structured as a commit-to-consume transaction, with revenues set to begin being realised in the current year.

The AIM-listed firm said it will use its LiveData Migrator and LiveData Migrator for Azure to automate the migration of internet-of-things data to multiple cloud providers including AWS, Azure and Google.

Wandisco also noted that as its client operates in over 30 countries across Europe and Asia, revenues were seen as having the potential to grow beyond the initial $630,000 agreement as the group migrates increasing amounts of data over time.

Chief executive David Richards said: "This deal underpins Wandisco's excitement about the size of our market opportunity in cloud and IoT. This agreement with one of the world's largest insurance groups has significant upside potential for our partnership to scale further under our commit-to-consume contract model.

"We are hugely confident about gaining further market share especially as the cloud-agnostic nature of our solutions and the general availability of LiveData Migrator and LiveData Migrator for Azure were essential in converting this opportunity. Our pipeline of growth opportunities in the IoT space remains strong as we progress through this year."

As of 1335 BST, Wandisco shares were down 1.11% at 290.0p.