Wandisco’s (LON:WAND) strong strategic progress takes another step forward, with the IBM (NYSE:IBM) relationship expanded to cover relational database technology and terms significantly improved. H1 bookings of $9m reduced from $10.2m but we believe strategic progress will translate into an inflection in bookings in H2. The Microsoft (NASDAQ:MSFT) partnership only started getting into gear late in the period, generating three deals, while Alibaba (NYSE:BABA) should also contribute. We leave our estimates unchanged and believe an H2 inflection should be the start of a long-term, cloud-driven growth cycle.
Integrating Fusion into IBM BigSQL, terms improved
WANdisco’s has expanded its OEM agreement with IBM to integrate Fusion into the relational database, IBM BigSQL (and other products), significantly increasing the agreement’s scope to cover structured data products as well as unstructured. Moreover, WANdisco will now receive a 50% royalty from IBM’s Fusion sales (previously 30%) with a guaranteed annual royalty commitment, reflecting the strategic importance of this partnership to IBM and the strength of WANdisco’s IP.
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