LONDON, UK: WANdisco has signed its second follow-on agreement worth a further $13.2 million with a large European automotive components supplier.

The combined Commit-to-Consume contract value from the three agreements with this Client in 2022 now totals $25.3 million.

Terms were originally signed with this Client to replicate automobile sensor data to the Amazon Web Services (“AWS”) cloud. However, the initial data that was to be transferred has again exceeded initial requirements, driven by a significant customer win by the Client.

Per the terms of the previous follow-on contract, originally announced as a $5m contract on 4 July 2022, that subsequently was increased to $12.1m contract as announced on 4 October 2022; and this has now further increased to $25.3 million. Half of the aggregated $25.3 million will be paid in advance. As it is a Commit-to-Consume contract, revenue will be recognised in step with the Client’s movement of data.

As data volumes continue to grow across multiple industry sectors, WANdisco expects the data transfer needs of customers across these verticals to increase, providing a significant long-term opportunity for the Company and driving increased bookings visibility and predictability of revenues.

David Richards, CEO and Chairman of WANdisco, commented: “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.

We are seeing an acceleration of interest in our solutions and as a result, our pipeline remains at a record level both in terms of the number of opportunities and the combined value of those opportunities. We believe that the rapid expansion that has followed the initial contract in this Client case is something we expect to replicate with a number of other customers. We expect to report further progress before the year end. “