NEWS Coverage

WANdisco shares jump on biggest ever contract win

April 24 2017

The company’s founder won a bruising leadership battle last year when WANdisco’s then chairman abruptly fired him after years of losses and share price declines, only for Mr Richards to return with support from big shareholders a week later.

In a first-quarter trading update on Monday, WANdisco said it had cut cash burn to zero, a step towards profitability that will reassure investors about the company’s financial reserves. It also said it had signed a $4.1m (£3.2m) deal with an “major financial services multinational”, its biggest ever contract, sending shares up by 18pc.

The Sheffield-based company, which floated on London’s Alternative Investment Market in 2012, saw its value hit £350m but shares had lost almost 95pc of their value by early 2016 amid continuing losses.

In October, WANdisco’s then chairman Paul Walker fired Mr Richards in the lobby of London’s Halkin Hotel and took charge as executive chairman before Mr Richards rallied shareholders and returned a week later, insisting the company was being turned around.

Shares have now doubled in value since last autumn’s boardroom dramatics.

Mr Richards said that the company signing larger deals “demonstrates that our technology has significant value”. He said that the company’s business selling software meant that costs would not have to rise even as revenue does.

WANdisco’s replication technology allows IT departments at companies to move large amounts of data from their own servers to cloud computing centres without having to stop operating.

FOLLOW

SUBSCRIBE

Get notified of the latest WANdisco Blog posts and Newsletter.

21st - 21st September 2021 | Webcast

Accelerate Hadoop to Azure Migrations in Financial Services

06th - 06th October 2021 | Webcast

Accelerate Your Move from Hadoop to AWS Cloud Analytics

20th - 20th October 2021 | Webcast

Accelerate Your Move from Hadoop to Azure Cloud Analytics

Cookies and Privacy

At WANdisco, we respect your concerns about privacy and value the relationship that we have with you.

Like many companies, we use technology on our website to collect information that helps us enhance your experience and our products and services. The cookies that we use at WANdisco allow our website to work and help us to understand what information and advertising is most useful to visitors.

Please take a moment to familiarise yourself with our cookie practices and let us know if you have any questions by getting in touch through any of the methods listed on our "Contact Us" page.

We have tried to keep this Notice as simple as possible, but if you’re not familiar with terms, such as cookies, IP addresses, and browsers, then read about these key terms first.