BRITISH software firm WANdisco said yesterday that it would spend the cash from its summer initial public offering (IPO) on “significantly expanding” its staff as the company invests in the fast growing big data market.
Sheffield-based WANdisco has pocketed $26m (£16m) from its float on Aim in June and has seen its shares rise 75 per cent since the float. In its first earnings report as a public company yesterday, it said revenue had risen 53 per cent in the first half of the calendar year to $2.92m.
WANdisco’s float has been one of the few successful technology IPOs in recent months, with the offering more than three times oversubscribed.
Chief executive officer David Richards said: “We laid out clear objectives when we listed on Aim including sales growth and product expansion. I am delighted that we are meeting and exceeding those goals so rapidly following flotation.”
The firm provides collaboration software, which allows customers including Barclays, Hewlett Packard and Intel to work together. Richards said WANdisco had added 23 new clients in the first half of the year.
The firm continues to make a loss, posting a $3.6m deficit over the period, although growth impressed investors, sending shares up more than 14 per cent yesterday.