Sheffield-based replication supplier WANdisco, which was hoping to raise $10m to grow the company yesterday, has raised $22m from its share sale.
Yesterday, the software dev was looking for $10m via a projected equity raise, by selling about 1.045 million existing ordinary shares at the price of 550 pence. Because of demand, the size of the placing was later increased to 2.9 million new shares - also at 550 pence per share. This means, depending on a share placing, it'll grab an extra £12m.
WANdisco said it was experiencing rapid organic sales growth of its Fusion replication product, helped by Dell and IBM OEM deals. There are other reselling partnership deals, including Amazon Web Services, Cisco, Google Cloud, HPE, Microsoft Azure and Oracle.
The equity sale proceeds will be used to invest in the company's strategic partner sales channel, by hiring more channel managers to increase partners' focus on WANdisco products and to strengthen existing relationships. Extra engineering staff increase development capacity and testing, allowing for parallel efforts with multiple partners instead of a slower serial approach presently.
Also WANdisco will look to establish new strategic partnerships.