Shares in Sheffield data firm WANdisco PLC have jumped following the news that it has signed its second follow-on agreement, worth a further $13.2m/£10.7m with an unnamed European automotive components supplier.
Shares in the firm have jumped more than eight percent to 690p following the news on Tuesday.
WANdisco initially entered a ‘Commit-to-Consume’ contract with the anonymous client in July worth $5m over five years. The deal would see WANdisco replicate sensor data from automobiles to the Amazon Web Services cloud.
In October, WANdisco revealed the initial data exceeded the volume of data agreed in the original contract. As a result, the company signed a $7.1m follow-on contract.
Today the company has announced a second follow-on agreement, worth a further $13.2 million. It noted that 50 per cent of the new USD25.3m/£20.5m will be paid in advance.
WANdisco said the client expects to see its data needs grow further over the contract, as an increasing number of vehicles incorporate the sensors from which data is collected. This represents a “potentially significant expansion opportunity,” it noted.
WANdisco chief executive & chair David Richards said: “We are pleased to have signed yet another significant follow-on deal with a large customer in the key automotive sector in IoT. Our unique technology means that we remain the only platform capable of effectively moving sensor data to the cloud at scale, within the client’s chosen ecosystem.”
