4 Oct 2022 07:00
4 October 2022
WANdisco plc
("WANdisco" or the "Company")
Follow-on deal with global automotive supplier
$7.1 million agreement with large European automotive supplier
Use cases expanding and momentum continuing in key IoT market
WANdisco (LSE: WAND), the data activation platform, is pleased to announce that it has signed a follow-on agreement worth $7.1 million (the "Follow-on Contract") with a large European automotive components supplier (the "Client"). The Client initially entered into a Commit-to-Consume contract with WANdisco valued at a minimum of $5 million over five years (the "Original Contract") as announced 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. As a result, WANdisco has entered into the Follow-on Contract with the terms of the contract providing that 50% of the aggregated $12.1 million will be paid in advance.
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. As it is a Commit-to-Consume contract, revenue will be recognised as the Client moves its data.
The increased necessity for WANdisco's services is linked to the Client entering a major collaboration with a multinational vehicle manufacturer to provide the Advanced Driver Assistance Systems ("ADAS") domain controller, sensors and software for parking and maneuvering. An ADAS domain controller enables vehicles equipped with ADAS to process data from different sensors including cameras and radars.
Essentially, this means that larger volumes of data are being collected from these different sensors which the Client can process and derive value from, by utilising WANdisco's solutions.
David Richards, CEO and Co-founder of WANdisco 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."
For further information, please contact:
WANdisco plc | via FTI Consulting | |
David Richards, Chief Executive Officer and Chairman | ||
Erik Miller, Chief Financial Officer Kam Bansil, Investor Relations | ||
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FTI Consulting | +44 (0)20 3727 1137 | |
Matt Dixon / Kwaku Aning / Tom Blundell |
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Stifel (Nomad and Joint Broker) | +44 (0)20 7710 7600 | |
Fred Walsh / Richard Short |
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Panmure Gordon (Joint Broker) Erik Anderson / Alina Vaskina | +44 (0)20 7886 2500 | |
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR") as retained as part of UK law by virtue of the European Union (Withdrawal) Act 2018 as amended. The person responsible for arranging for the release of this announcement on behalf of WANdisco is David Richards, Chief Executive Officer and Chairman of WANdisco.
About WANdisco
WANdisco is the data activation platform for accelerating digital transformation at scale. WANdisco makes infinite data actionable across clouds and enterprises in real time. WANdisco customers unleash the business value of the cloud with zero downtime, data loss, or disruption to fuel AI and machine learning, create new services, and transform businesses. For more information about WANdisco, visit www.wandisco.com.www.wandisco.com