WANdisco impresses investors with double helping of good news

Oliver Gill
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WANdisco's technology allows companies to more easily transfer to cloud-based data storage (Source: Getty)

Shares in cloud computing firm WANdisco soared over 18 per cent today after it announced its largest ever contract win.

The London-listed group also revealed it had turned a corner in the first few months of 2017 by halting its cash burn to nil. Cash reserves at the end of the firm's first quarter stood at $7.6m (£5.9m).

The $4.1m contract with an unnamed client is called "WANdisco Fusion".

The positive news will likely help to support the position of WANdisco's founder and chief executive Dave Richards, who was sacked last year only to return days later with shareholder support.

Read more: Former chief exec restarts the party as he heads back to WANdisco

"I am delighted to announce our largest deal since the inception of WANdisco, said Richards, who is also the firm's interim chairman.

"This highly competitive and technologically complex mandate reinforces our belief that Fusion is the only solution that can enable organisations to seamlessly move large volumes of critical data without any downtime or service disruption - something many thought impossible.

"We continue to see increasing traction with WANdisco Fusion, which is providing the foundation for our strong order book and sales pipeline for the current financial year."

Read more: More musical chairs at WANdisco sends share price surging at the open

WANdisco enables companies' IT departments to transition data stored on servers to a cloud-based platform. The firm's technology allows clients to move information without IT systems stopping, making the process of ditching server storage more straightforward.

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