Big data proves to be popular with investors as WANdisco raises £19m
27 September 2013 1:29am
WANDISCO, the software company that specialises in distributed computing solutions, reported yesterday that its revenues had jumped 20 per cent to $3.51m (£2.2m) in the six months to 30 June.
The company also announced a bookbuild of 2m shares yesterday morning at 950p a share, which sold out to raise £19m for WANdisco.
“We’ve raised the money on the back of progress made in the big data market place. So we have to increase capacity in the company to develop these products, we need more engineers,” said WANdisco chief executive, David Richards.
“We’ve got new channels now, with SAP and Hortonworks we need the ability to support and sell into these channels and that’s the primary use of these funds.”
Panmure Gordon’s Fred Walsh, lead banker on the placing, told Reuters: “It shows there’s a market there to support these growth companies. To do a deal like that for a small cap in that quick time is a great testament to the company and its products.”
The company also announced a new partnership with Hortonworks which WANdisco said will give the company a new route to market.
Hortonworks develops and distributes Apache Hadoop, an open-source software framework, supported by companies including Microsoft and SAP.