12 JULY 2012
Period-end trading update
Subscription Bookings increase by 60% year-on-year
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:
David Richards, Chairman and Chief Executive Officer
Nick Parker, Chief Financial Officer
via FTI Consulting
+44 (0)20 7831 3113
Matt Dixon / Sophie McMillan / Jon Snowball
Panmure Gordon & Co.
+44 (0)20 7886 2500
Fred Walsh / Grishma Patel (Corporate Finance)
Adam Pollock, Charles Leigh-Pemberton (Corporate Broking)
WANdisco is the world leader in Active Data Replication™. Its patented WANdisco Fusion technology enables the replication of continuously changing data to the cloud and on-premises data centers with guaranteed consistency, no downtime and no business disruption. It also allows distributed development teams to collaborate as if they are all working in one location. WANdisco has an OEM with IBM as well as partnerships with Amazon Web Services, Cisco, Google Cloud, Hewlett Packard Enterprise, Microsoft Azure, and Oracle to resell its patented technology. WANdisco also works directly with Fortune 1000 companies around the world to ensure their data can give them the real insight they need.
For additional information, please visit www.wandisco.com.
VP Marketing & Communications