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WANdisco PLC on Tuesday said it has signed two contract renewals that together will bring in about $1.5 million in revenue over five years, a day after it announced the departure of its top two executives.
The Sheffield, England-based data migration platform said both renewals cover usage of WANdisco SVN MultiSite. This is the company’s source code management software solution that delivers active-active replication and LAN-speed performance over wide area networks, it explains.
Munich, Germany-based carmaker BMW AG has signed a multi-year license agreement, whilst Maxim Integrated has agreed a five-year subscription license renewal, WANdisco said.
Maxim Integrated is a subsidiary of semiconductor manufacturer Analog Devices Inc. Maxim Integrated designs, manufactures, and sells analogue and mixed-signal integrated circuits for the automotive, industrial, communications, consumer, and computing markets.
Taken together, these two contract renewals are expected to deliver $1.5 million in revenue to WANdisco over the next five years, it said.
The company said it expects $1.0 million of this revenue to be recognised in financial 2023 and a further $200,000 to be recognised in financial 2024.
On Monday, WANdisco said Co-founder & Chief Executive Officer David Richards and Chief Financial Officer Erik Miller had decided to step down, amid an investigation by FRP Advisory.
Non-Executive Chair Ken Lever will move to executive chair pending the appointment of a new CEO. A search will begin shortly. WANdisco named Ijoma Maluza as its new CFO. Maluza previously was CFO of automation software firm Blue Prism PLC.
In March, WANdisco suspended trading in its shares after uncovering signs of possible ‘sophisticated’ fraudulent activity, just days after it announced it was exploring a potential US listing.
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