Software firm WANdisco reports record performance

software firm WANdisco 
reported a record performance in its fourth quarter with subscription bookings of £2.6m representing growth of 71 per cent year-on-year.

The Sheffield-based company said this brings bookings for the full year to a total of £9m, representing year-on-year growth of 87 per cent.

The firm said it delivered strong growth and sales traction in the fourth quarter.

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David Richards, executive chairman and CEO, said progress is being driven by two factors.

“One driver is the addition of new, first-time customers excited by the potential of our software such as Goldman Sachs, Manulife Financial Corporation, SanDisk, Marvell Technology Group, T. Rowe Price, H3C Technologies, Tangoe Inc and ASML Holding.

“The second driver is returning customers, an increasing number of whom are extending their deployment of our software across their organisations and are choosing to make multi-year commitments to our Subversion and GIT solutions. Several major renewals were secured during the quarter including NCR and Juniper Networks,” he said.

Analyst George O’Connor, at Panmure Gordon, said: “We have long argued that investors should see 2013 as the Foundation Year, 2014 as the Proof of Concept year with 2015 as the magic Roll-out Year – this scenario is coming through sooner than we expected. We are relaxed about our on-going ‘buy’ and 1496p target price.”

WANdisco will report preliminary 2013 results on March 20.