TIDMWAND
RNS Number : 4736H
WANdisco Plc
12 July 2012
12 July 2012
WANdisco plc
Period-end Trading Update
H1 Subscription Bookings increase by 60 per cent
year-on-year
Sheffield - WANdisco plc (LSE: WAND), a leading provider of
global collaboration software to the software development industry,
is pleased to provide the following update for the six months ended
30 June 2012.
Trading for the period from 1 January 2012 to date was strong,
delivering substantial growth in subscriptions.
In the second quarter, subscription bookings reached a record
level of $1.84 million, representing a 43 per cent increase
year-on-year. When combined with bookings of $1.54m achieved in the
first quarter, the Company achieved total bookings for the first
half of $3.38 million: a 60 per cent increase year-on-year.
New customers included Ricoh, which purchased WANdisco's new
uberSVN product and Pitney Bowes, which adopted WANdisco's
Subversion MultiSite product. The Company also secured its first
product sale in China with Huawei, which purchased Subversion
MultiSite to solve network latency issues between China and
Canada.
Renewal rates by value were 230 per cent, based on subscription
licence values booked during the period. Renewals included Juniper
Networks, Cisco Systems, Vanguard, McGraw Hill, Telenav, McAfee,
ING and Disney. Many of these customers purchased additional user
licences, added-on more sites or committed for longer time periods
to WANdisco's products. After adjusting for multi-year deals, the
annualised renewal rate by booking value was 113 per cent. All
subscription licenses, including multi-year deals are paid
up-front, in cash, at the commencement of the term.
During the period the Company launched a new online training
subscription product and sold two significant deals to existing
customers: John Deere and Syniverse. Other product highlights
included the launch of Subversion MultiSite 4.1, incorporating a
significantly updated access control product, and the launch of
WANdisco's new uberSVN product, also incorporating embedded,
enterprise-class, access control.
The Company has generated further cash during the period. When
combined with the $23 million of cash raised following the
successful admission of the Company to AIM on 1 June 2012, the
business is now in a strong position to accelerate its growth
further by enlarging its sales team and investing in new products,
in particular in the Big Data market, as well as enhancing its
existing product lines.
Historically, the second half of WANdisco's financial year is
its strongest, due to the higher levels of renewals that arise. As
a consequence, the Directors are confident that the Company remains
on track to achieve its targets for the current financial year.
The Company will announce its interim results in the week
commencing 24 September 2012.
For further information please contact:
WANdisco plc:
David Richards, Chairman and Chief via FTI Consulting
Executive Officer
Nick Parker, Chief Financial Officer
FTI Consulting: +44 (0)20 7831 3113
Matt Dixon / Sophie McMillan / Jon
Snowball
Panmure Gordon & Co. +44 (0)20 7459 3600
Fred Walsh / Giles Stewart (Corporate
Finance)
Adam Pollock, Charles Leigh-Pemberton
(Corporate Broking)
Ends
About WANdisco plc
-- WANdisco (LSE: WAND) is a leading provider of global
collaboration software to the software development industry and is
headquartered in Sheffield. WANdisco's differentiated
patent-pending technology provides a cost-effective solution to the
problems faced by organisations with globally distributed software
engineering teams. By using WANdisco's technology in conjunction
with Apache Subversion ("Subversion"), an open source version
control system, software developers at globally distributed sites
are able to access the same data program at all times which helps
improve productivity, and prevent downtime and data loss.
-- WANdisco currently has more than 200 customers globally, a
number of which are in the US Fortune 100. Customers include some
of the world's most well-known and well regarded companies across a
broad range of industry sectors such as AT&T, Aviva, Barclays,
Hewlett Packard, Honda, Intel, John Deere, Johnson & Johnson,
Juniper Networks, Motorola, NCR, Nokia, NTT and Wal-Mart.
-- WANdisco's technology and products operate in the Application
Development market. According to Gartner Inc. in its report
entitled "Market Share Analysis: Application Development Software,
Worldwide, 2010" which was published on 21 April 2011, ("Gartner
Report") this market, which is currently valued at $8.64bn in 2011,
is forecast to grow to $9.41 billion in 2015.
-- The Group uses an annual subscription licence model to sell
its products, providing a predictable revenue stream and a
foundation for further expansion. Revenue has increased by 30.0 per
cent. from $3.0 million in 2010 to $3.9 million in 2011 and EBITDA
before share based payments and exceptional costs has increased
from a loss of $0.8 million in 2010 to a profit of $0.2 million in
2011.
-- The Group's success to date has allowed it to grow
organically without any venture capital, angel investors or private
equity funding.
-- David Richards, Jim Campigli and Dr. Yeturu Aahlad were the
core founders of WANdisco, Inc. in 2005. They were subsequently
complemented by Nick Parker, Chief Financial Officer, and by Paul
Walker (former CEO of The Sage Group plc) and Ian Duncan (former
Group Finance Director of Royal Mail Holdings plc) as non-executive
directors. The WANdisco senior team has significant experience of
operating in the technology industry and of managing high-growth
companies.
-- To date, WANdisco has focussed on exploiting its technology
within the software development industry. Going forward, the
directors believe that there is potential to apply the technology
to other significant markets, including the Big Data market, and
thereby continue the Group's strategy of rapid organic growth
through product expansion and customer acquisition.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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