WANDisco insists investment will lead to profitability

SOFTWARE firm WANdisco almost doubled its losses last year but insists its programme of heavy investment will see it drive into profitability in the future.

The Sheffield-based company says it has seen a huge acceleration in the Big Data market, and its strong performance in the fourth quarter shows it is on track for success.

The technology company posted a pre-tax loss of £26.6m for the calendar year in 2014, following losses of £13.5m the year before.

This was followed by a call in January to raise £16.5m from shareholders, to invest in product development and expand its global sales operations.

The company says the losses were in line with market expectation, and its investment strategy means it is well placed to see “significant growth” in the future.

Chief executive David Richards said: “The results come on the back of a tremendous fourth quarter for us where we saw significant momentum. The losses were lower in the second half of the year, than the first.

“The Big Data marketplace has the potential to become a multi-million dollar market.