WANdisco PLC, the live data specialist, signed its largest-ever contract worth US$11.6mln with a top ten global communications company.
The terms of the contract provide that 50% of the US$11.6mln will be paid in advance. As it is a “Commit-to-Consume” contract, revenue will be recognised as the customer moves its data.
WANdisco said it is the third consecutive deal it has signed with this customer. The customer was not named but was described as the world's largest supplier of Internet of Things (IoT) applications.
“This US$11.6m order is the third successive agreement we have signed with this customer and represents our largest ever contract to date. We remain incredibly excited about the opportunity in IoT to both expand on these sticky customer relationships and support new customers facing data challenges,” said David Richards, the chief executive officer and co-founder of WANdisco.
“The general availability of our product and its unique capability in moving data seamlessly, at scale to the cloud, gives us confidence that we will win more critical IoT migration contracts and take market share,” he added.
Shares in WANdisco were up 13% at 304p in mid-morning trading.