WANdisco PLC (AIM:WAND) said it has won a new Internet of Things (IoT) contract with a large European automotive components supplier valued at US$5mln over five years.
Automobile sensor data will be replicated to Amazon Web Services' (AWS) cloud under the 'commit-to-consume' contract, reinforcing the immense opportunity for the UK-listed software provider in the automotive components IoT space.
The terms of the contract provide that 50% of the US$5mln will be paid in advance, with revenue recognised as the customer moves its data.
As part of its edge computing platform, the European supplier is using WANdisco's LiveData Migrator (LDM) to replicate sensor data from automotive components in an on-premise data center to AWS for use in multiple analytics platforms.
WANdisco said only its unique technology could effectively move sensor data to the cloud within the AWS ecosystem, and its LDM solution also stood out for its guarantee of minimal disruption, data consistency, and security.
Since the supplier expects considerable data growth over the lifetime of the contract, it represents a potentially large expansion opportunity, the company said.
"This contract is the latest proof point of the meaningful momentum we are seeing in the systemic market shift to IoT. Businesses are increasingly looking to utilise and make sense of the copious amounts of data at hand, to drive performance and intelligent insights," said WANdisco chief executive and chair David Richards.
Shares were 2.84% higher at 290.00p in early trades.