WANdisco sees 60 per cent rise in subscriptions

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SOFTWARE company WANdisco, which floated on the stock exchange last month, reported a 60 per cent increase in subscriptions in the first half of 2012.

The Sheffield-based company said trading for the first six months of the year has been strong and it has signed up a number of new clients including office equipment company Ricoh and postage machine group Pitney Bowes.

It also won its first customer in China, signing up telecoms equipment company Huawei, which bought WANdisco’s Subversion MultiSite software to solve network issues between China and Canada.

In the second quarter of 2012, subscription bookings reached a record level of £1.2m, representing a 43 per cent increase year-on-year.

When combined with bookings of £1m achieved in the first quarter, the Company achieved total bookings for the first half of £2.2m, a 60 per cent increase year-on-year.

A number of existing clients renewed their subscriptions including Disney, Juniper Networks, Cisco Systems, Vanguard, McGraw Hill, Telenav, McAfee and ING.

WANdisco said many of these customers bought additional user licences, added-on more sites or committed for longer time periods.

After adjusting for multi-year deals, the annualised renewal rate by booking value was 113 per cent.

WANdisco said all subscription licenses, including multi-year deals are paid up-front, in cash, at the commencement of the term.