LONDON (ShareCast) - (Sharecast News) - Data specialist WANdisco has signed an agreement worth $31m with a second tier-one global telecommunications supplier, it announced on Tuesday.
The AIM-traded firm said half of the $31m would be paid in advance following the start of the project.

As it was a commit-to-consume agreement, revenue would be recognised in step with the client's movement of data.

The company described the telecommunications sector as one of its "key strategic target markets", as it supports a number of industry verticals with their own internet-of-things (IoT) use cases.

In this case, the client is one of the largest global service suppliers of IoT applications.

Initial use cases were expected to include smart meter, automotive, manufacturing and natural gas related data.

WANdisco said it was chosen as the preferred provider due to its ability to migrate data at scale without requiring any system downtime, along with its capacity to automatically migrate data changes as they occur, ensuring data consistency.

"This is the second tier-one global telecommunications company to choose WANdisco's solutions this year, underpinning our unique ability to seamlessly and securely migrate large scale data from edge platforms to the cloud," said chairman and chief executive officer David Richards.

"This contract represents a record initial agreement for our business, with the potential for this value to grow further as we have seen with other customers.

"The IoT use case of moving data from edge platforms to the cloud, is continuing to drive a significant pipeline of opportunities for our business."

Richards said companies across multiple industry verticals were facing "significant challenges" in successfully executing data movement, and unlocking the full capabilities of the cloud.

"Our unique solutions and proven experience in the IoT market make us well placed to continue winning market share and supporting global clients in these use cases.

"Following this agreement, bookings for the 2022 financial year are now expected to be significantly ahead of market expectations."

At 1044 GMT, shares in WANdisco were up 3.2% at 818.36p.

Reporting by Josh White for Sharecast.com.

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