WANdisco raises cash to fund growth

The Sheffield-based company placed two million shares with institutional investors at £9.50 a share - a 7.8 per cent discount to the closing price on Wednesday.

David Richards, president and CEO of WANdisco, said: “I am hugely encouraged by the significant level of support we have received from our existing shareholders and from new institutions which have chosen to participate in our growth story.”

He said the funds will allow the group to expand more quickly and capitalise on a number of opportunities for growth.

WANdisco reported half year results for the six months to June 30 yesterday.

Bookings rose by 80 per cent and the group signed up over 30 blue chip customers during the half year.

WANdisco said it had signed “a very significant product partnership” with Hortonworks, one of the biggest suppliers in the world of Enterprise Hadoop software.

It said the partnership is a new route to market and puts WANdisco in a strong position.