Wandisco wins 'significant' contract, FY revenues seen 'meaningfully ahead' of current expectations

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Data company Wandisco has secured a "significant" three-year, $3.3m contract win throughout its IBM channel, leading management to now expect full-year revenues to be "meaningfully ahead" of current market estimates.

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Wandisco said on Monday that it will provide an unnamed "large North American multinational investment bank" with the use of LiveData Migrator, with the product's initial use being for on-premises data replication, with further use cases for cloud migration providing opportunities to expand the relationship.

As part of the AIM-listed firm's agreement with IBM, WANdisco will obtain 50% of the license revenue.

Chairman and chief executive David Richards said: "IBM is our longest-standing partner and I am pleased to see our relationship continue to bear fruit with this important financial services customer win.

"Following this contract, we are pleased to update our financial expectations for FY21. We now expect FY21 revenues to be meaningfully ahead of current market estimates."

As of 0940 GMT, Wandisco shares were up 3.03% at 340.0p.