Wandisco eyes marked revenue increase in 2021

Software company Wandisco said on Wednesday that 2020 saw "significant strategic progress" for the group and that it now expects to deliver at least $35.0m in revenue for the 2021 trading year despite a number of customers delaying their purchase decisions.

Wandisco said its core product had been re-engineered from a traditional enterprise software platform to a cloud-first platform in order to be able to deploy it in minutes without external assistance, enabling data transfer to begin immediately.

As a result, the AIM-listed company launched its LiveData Platform for Azure, signing 11 customers requiring data movement to the cloud and expecting to grow its customer base at "a significantly faster rate" in 2021.

However, Wandisco highlighted that a number of customers in the first half of 2020 had delayed their purchase of its LiveData Platform for Azure in order to wait for the availability of metered billing, leading to an impact on revenue recognition and pushing a proportion of 2020 booked revenue into 2021.

Following the introduction of metered billing in October, Wandisco expects to report preliminary revenues for 2020 of at least $10.5m.

Chief executive David Richards said: "In H2 2020 we delivered on our stated strategy and objectives, achieving metered billing and the go-to-market launch of our Azure product, coupled with significant progress with LiveData Migrator for AWS.

"We have entered FY21 with strong momentum, having continued to grow and convert our pipeline of opportunities with Azure and AWS in Q4, reinforcing our expectation to achieve at least $35.0m revenue in FY21."

As of 0930 GMT, Wandisco shares were down 1.88% at 471.0p.