WANDISCO, the Sheffield-based firm that specialises in online collaboration software and big data products for businesses, saw losses increase last year to $7.83m (£4.7m) after the firm’s staffing costs more than doubled.
Shares in the company remained flat yesterday after it was reported a number of major new customer wins, including Goldman Sachs, Cisco and Societe Generale, had helped grow revenue 33 per cent to $8.01m during the 12 months to 31 December 2013.
Wandisco finance chief Paul Harrison defended the increase in headcount (staff costs rose 105 per cent to $12.1m) as key in bringing in new business and developing the firm’s software offerings.
“The benefits are in strengthening our enterprise sales team, we’ve already seen the average size of our deals increase from this, and in engineering talent. Our investment in US West Coast-based engineering teams is what is driving our big data initiatives,” Harrison told City A.M.
Wandisco also announced former Sage Group chief executive Paul Walker would join as chairman with immediate effect, taking the role from chief executive David Richards.
“The change is about good governance, which I’m a big believer in, it’s now the logical thing to do. It was ok for me to be chairman and chief executive for the initial public offering and when we were a much smaller company,” said Richards.
Wandisco’s shares rose 1.6 per cent to 1,292.5p yesterday.