WANdisco doubles losses after "significant investment" in Big Data business
Sheffield-based WANdisco doubled losses last year but said it had achieved a "marked increase in momentum" in its Big Data business.
WANdisco, which has dual headquarters in Silicon Valley and Sheffield, posted a $39.36m pre-tax loss for the 2014 calendar year, a jump from losses of $19.99m the year before.
That was despite revenue rising 40% to $11.2m.
The losses reflect WANdisco's "significant investment" as it attempts to become a global tech leader. It has increased staff by more than a quarter to 180.
CEO David Richards said: "As 2014 progressed we achieved a marked increase in momentum in our Big Data business, as successful production trials led into some significant contract wins. Alongside our new customer wins, our first contract expansion by an existing customer was particularly encouraging.
"We began 2015 by winning one of the world's top ten banks as a Big Data customer and are addressing a number of exciting new sales opportunities, made more tangible by powerful references from 2014's new customers. We look forward to reporting more customer successes as the year progresses."