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WANdisco raises $16.5m through share subscription

David Richards

Sheffield live data firm WANdisco has raised $16.5m (£12.8m) through a share issue to support relationships with cloud partners and provide working capital.

New shares were issued at 425p each – a 23% premium to their closing price on Friday. Investors that participated included Davis Partnership, Global Frontier Partners, Ross Creek Capital Management, Acacia Partners, Acacia Partners II, Acacia Institutional Partners, Acacia Conservation Fund and Herald Investment Management.

In September, WANdisco reported operating losses of $16.5m (up from $12.2m in 2018) for the previous six months.

Chief executive and chairman David Richards said: “This year we have struck new partnerships with Databricks and Neudesic and deepened existing relationships, striking a landmark agreement to embed Fusion into Microsoft Azure.

“These strategic partnerships and the successful launch of LiveMigrator and LiveAnalytics, underpins a growing sales pipeline, all of which, gives me confidence in our prospects for this year and over the long-term.”

In an accompanying brief trading update, WANdisco said it had continued to win contracts across a variety of end-markets and partners, including a recently announced contract with Micro-D valued at $3m over three years.

“The company has good visibility into renewals and a growing pipeline of late-stage deals with strategic partners during the second half and reiterates its revenue guidance given on 25 September 2019 for the 2019 financial year,” it added.

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