Crisis-hit WANdisco has announced two contract renewals for its live data replication software and has revealed customer names and revenue numbers.
WANdisco is investigating “massive” and “potentially fraudulent” sales reporting for 2022, with its shares suspended from AIM in March. The company said in a statement earlier this month it had seen a 90 percent shortfall in bookings of $127 million – they were actually $11.4 million. Revenue for 2022 was expected to be $24 million but was actually $9.7 million, the statement added.
Against the background of the AIM suspension, recent resignations of its CEO and CFO, and the forensic accounting investigation, the news of contract renewals will be welcome.
The two renewals cover usage of WANdisco SVN MultiSite, source code management software that delivers active-active replication and LAN-speed performance over Wide Area Networks for global collaboration.
The company said yesterday that BMW Group, a WANdisco customer since 2016, had agreed to a continued multi-year license deal covering usage of WANdisco source code management tools, Subversion MultiSite Plus and Git MultiSite.
Analog Devices subsidiary Maxim Integrated, a customer since 2018, has agreed a five-year subscription license renewal.
Taken together, these two contract renewals are expected to deliver $1.5 million in revenue to WANdisco over the next five years. Approximately $1.0 million will be recognized in the 2023 financial year, with around $0.2 million to be recognized in fiscal 2024, and about $0.1 million recognized in each of the remaining three financial years.
Set against a potential bookings shortfall of $100 million-plus, these are small-scale deals but encouraging nonetheless.
