Big data firm WANdisco said it made “substantial progress” last year in unlocking cloud computing potential.
The Sheffield-based tech company, which helps businesses transfer information from servers into the cloud, reported an operating loss for the year ended December 31, 2018, of $22.1m, up from $9.7m the previous year.
Revenue for the year dropped from $19.6m in 2017 to $17m.
However, the firm says it is confident of seeing annual recurring revenues increase over time as it continues to expand in the cloud market.
David Richards, CEO and chairman of WANdisco, said: “This has been an important year for WANdisco, with substantial progress in both partnerships and product to unlock the significant potential in cloud computing.
“We have significantly extended our relationship with Microsoft, gaining co-sell status that allows our WANdisco Fusion platform to be sold as a standard offering with Microsoft’s Cloud Solution, Azure.
“Throughout the year we have continued to build on this foundation and have closed a number of strategic deals with high profile Microsoft customers.”
WANDisco says it is shifting towards a recurring revenue model based on annual recurring revenue from cloud contracts.
Mr Richards said: Cloud has firmly overtaken on-premises, and as businesses continue that transition they are using a variety of cloud vendors.
“We also have begun to see a significant structural shift in the composition of our revenue base, from large, difficult-to-forecast on-premises transactions toward more predictable, annual recurring cloud revenues.
“We see significant opportunities to expand our addressable market in cloud and as annual recurring revenues increase over time, develop a smoother, increasing revenue profile for our firm.”