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Alibaba OEM further strengthens prospects

Update | Technology | 07 Mar 2018

WANdisco’s full year results confirm the transformational year with bookings growing by +45% y-o-y on a cost base that increased by only 5% and cash burn was substantially reduced. Today’s announcement of an OEM partnership with Alibaba adds significantly to an already exceptional platform for growth. With an impressive roster of tier one partners likely to start contributing to the mix, we upgrade our FY18 and FY19 bookings estimates by a further 7% and 5% and see scope for more to come.


Bookings ahead, expanding platform for growth

Update | Technology | 17 Jan 2018

WANdisco's strong bookings momentum ($22.5m, +45%y-o-y, vs Edison $21.7m) in FY17 was more than matched by the strategic progress during the year. For the core big data business we upgrade our bookings estimate by 21% and now forecast 40%+ y-o-y bookings growth for FY18 and FY19, partially offset by a de-focus on the legacy SCM business. The company's platform for growth looks exceptionally strong and we see scope for a further acceleration driven by adoption of Fusion for more use cases, sales through more partners and supported by very attractive market dynamics.


Record contract win

Flash note | Technology | 03 Jan 2018

WANdisco’s $4.3m contract win with a major financial institution is the company’s largest to date and should leave our FY17 bookings and revenue estimates well underpinned. The deal, which was delivered via the IBM OEM partnership, also helps put into context the rationale for the recent fund-raise to support a faster roll-out of the OEM strategy. We expect an acceleration in commercial momentum from here.


Snowball ready to roll

Flash note | Technology | 29 Nov 2017

WANdisco’s commercial platform for growth in the cloud storage market has strengthened further with Fusion’s integration into Amazon Web Services’ (AWS) Snowball solution.


Microsoft relationship deepens

Update | Technology | 17 Oct 2017

Two new product integrations with Microsoft Azure, together with the recently released Amazon AWS hybrid solution, add up to a meaningful strengthening of WANdisco's credentials and platform for growth. We see scope for a significant acceleration in operationally geared growth, especially if the company can progress one or two of its tier one relationships into a strategic relationship akin to the one with IBM.


Increasing importance in the cloud ecosystem

Update | Technology | 15 Feb 2019

WANdisco’s designation as an Amazon Web Services (AWS) Advanced Technology Partner strengthens its position in the cloud ecosystem. We believe that a large, strategic deal remains in the pipeline, and the $17.5m capital raising (at a premium), should reassure potential partners. Our estimates are adjusted to reflect the new shares, but are otherwise unchanged. As highlighted in our last update note, there could be upside to FY19 estimates if a strategic deal is secured.


Strategic progress but inflection pushed to FY19

Update | Technology | 23 Jan 2019

Newsflow thus far in January indicates that good strategic progress continues to be made. In signing its first multi-cloud deal and launching a joint engineered SQL product with IBM, WANdisco opens up two potentially significant opportunities, in cloud to cloud and relational database replication, respectively. We understand that a large strategic deal is still in the pipeline, but given that it was clearly not closed in FY18, we have reduced our FY18 estimates (detailed below). FY19 P&L estimates are unchanged, but have upside potential if the deal comes through.


First multi-cloud deal

Flash note | Technology | 03 Jan 2019

WANdisco’s deal with a major telco provider is the first deployment specifically for a multi-cloud use case. At $565k, the deal is not particularly large, but we believe the potential addressable market for Fusion with this use case is significant. It is also notable that the last three announced deals have each involved different partners – Microsoft, IBM and Amazon respectively – again highlighting the broad applicability of WANdisco’s offering.


$3m cloud contract

Flash note | Technology | 13 Dec 2018

WANdisco’s $3m contract with a large US health insurer is its largest cloud deal to date. It also gives an encouraging indication of revenue potential of the co-sell relationship with Microsoft. Management reports a growing pipeline and structural growth prospects remain strong, although full-year results will hinge on the timing of large strategic deals under negotiation.


$1m application lifecycle management deal

Flash note | Technology | 05 Nov 2018

WANdisco’s $1m application lifecycle management (ALM) deal with a leading Chinese tech company will add support to our FY18 forecasts, although big data/cloud deals remain key to driving the inflection. The recent retrenchment in the share price appears to be discounting a miss, but we continue to believe that achieving the required inflection in H2 could be a watershed for the perception of this business’s growth fundamentals.


Executive interview - WANdisco

Edison TV: | Technology | 01 Oct 2018

David Richards, CEO, provides an update on WANdisco’s progress with its partners, most notably with Microsoft and IBM. He also explains the company’s revenue model, and how the changing partnerships are expected to alter WANdisco’s growth profile. Erik Miller, CFO, goes on to explain how the company expects to deliver a significant ramp in bookings and revenues to meet consensus forecasts for the full year. He also details the cash costs over H1, and how he expects these to evolve over the second half. Finally, David provides an overview of WANdisco’s entry into the blockchain ecosystem and the problems that DConE seeks to address.


Expecting an inflection in the second half

Update | Technology | 25 Sep 2018

We expect WANdisco’s strong H1 commercial progress to translate into an inflection in growth in H2. Cloud partners Microsoft and Alibaba are likely to be key drivers of this, where revenues are recurring with good potential to scale-up. We leave our estimates unchanged and believe that achieving the required inflection in H2 could be a watershed for the perception of this business’s growth fundamentals.