Encouraging progress looks to have continued in Q1 with WANdisco PLC 1 (LON:WAN2) (WAND) securing a $4.1m deal with a multinational financial institution and with the business operating at cash flow break-even. The launch of Fusion V2.10 is significant in that it expands WANdisco’s replication to cover mainstream file storage, enlarges the company’s addressable market and strengthens the proposition General Purpose Replication Platform.
IBM (NYSE:IBM) brings in largest ever financial services deal
The highlight of a brief Q1 business update (24 April) was the announcement of a $4.1m deal with a multinational financial. The deal came in through the IBM relationship so cash will be collected in Q2. No further update on Q1 trading was provided as management believes the lumpy nature of bookings could lead to quarterly booking being misinterpreted. Nevertheless, the company did highlight that both the order book and pipeline are strong and with at least $4.1m booked already, WANdisco should be well on track to meet/beat our FY $20.5m bookings estimate. Encouragingly, the company did not burn cash over the quarter, with net cash steady at $7.6m supported by the collection of receivables from Q4, cost efficiencies and R&D tax credits.
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