WANdisco secures record quarterly bookings as product 'resonates' with customers

Bookings in the third quarter of 2022 grew to $34m from $1.37m in the same period the year before. For the nine months ended September 30 2022 bookings grew to $61.2m from $3.5m in the comparable period in 2021.

In a statement, the company said: “During the period the company closed a $25m agreement with a top 10 global communications customer, representing the fourth consecutive contract signed with that customer.

“This follow-on deal comes as this customer sees a continued proliferation of smart meter data, alongside new Internet of Things data needs in the automotive sector. The cumulative contracts from this customer now total $39.3m during 2022.”

"Also during the period, the company announced that it had signed a follow-on agreement worth $7.1m with a large European automotive components supplier.”

David Richards, chief executive and chairman of WANdisco, commented:

“The contracts signed during the period provide further evidence of our confidence that we have the right product, at the right time with a commit-to-consume revenue model which is resonating with customers. “A number of the customers we have won during 2022 and those in our pipeline have scope for significant expansions as services around the data collected are rolled out.”

"We remain confident in demonstrating further progress over the remainder of the year both in terms of consumption and further client wins. At this nine-month mark of the year, our bookings performance has already exceeded current market consensus estimates for the year.

"As such, we now expect bookings for the year as a whole to be meaningfully ahead of current expectations, underpinned by our confidence that further bookings progress will be made as we move through the fourth quarter.”