Sheffield-based software company WANdisco has secured its biggest deal to date, capping a turnaround year in which its share price has trebled. The company won a $4.3m (£3.2m) contract with “one of the world’s leading financial institutions”.
It did not name its customer but it is the second major financial services company that WANdisco signed up in 2017, a year in which it recovered from a boardroom bust-up and began to break even.
WANdisco, which splits its operations between Sheffield and Silicon Valley has endured a tumultuous six years as a public company, with its shares soaring before repeated losses led to a stock market rout.
Its founder and chief executive David Richards was briefly forced out in the autumn of 2016, over a spat with its chairman Paul Walker, before returning a week later to regain control and since then, the company has staged a recovery.
Shares rose 186pc last year despite the company raising $22m from investors in a December placing, and it has cut losses.
WANdisco, whose Fusion technology is used by companies to move large amounts of data to remote “cloud” computer servers in real-time, has moved from running its own sales force to relying on partners, such as IBM and Dell, to sell its software.
Its latest deal was a result of the partnership with IBM and Mr Richards said it proved the success of his strategy.
“[This] further endorses our strong credentials within the financial services sector as well as providing additional validation that our IBM partnership is successfully delivering our solutions into very large enterprise customers,” he said.
The $4.3m contract is a significant win, equivalent to almost half the new business the company won during the first six months of 2017. The company is hoping to benefit as financial institutions, which have historically been reluctant to embrace the technology, move their data to the cloud.