WANdisco announces deal with top Australian bank as turnaround plan commences

The news comes after earlier this year, WANdisco discovered “potential fraudulent irregularities” in its reported sales and revenues, leading the firm to ask for its shares to be suspended.

As part of its latest announcement to the London Stock Exchange, WANdisco said it would now endeavour to share news of new contracts, including those of a smaller size, to “communicate its progress toward positioning WANdisco for long-term growth and success”.

Back in March, bosses at the group said they had found “significant, sophisticated and potentially fraudulent irregularities with regard to received purchase orders and related revenue and bookings as represented by one senior sales employee”.

A later announcement noted that further evidence from an independent investigation supported the initial view that the irregularities were as a result of the actions of “one senior sales employee only”.

Following the initial discovery, the firm asked for its shares to be suspended, and launched a plan to raise up to $30m to create a “positive path forward”.

As part of this plan, WANdisco announced earlier this month that it planned to change its name. A statement from the firm stated: “At the 2023 annual general meeting of the company, it is anticipated that one of the proposed resolutions will relate to a change of the company’s name.

“The change to the company name is part of a broader update to the company's overall brand to best reflect the values and vision embodied in the turnaround plan, including but not limited to improvements in disclosure, governance, and the board's future ambitions for the company.”