Wandisco Plc Annual Report and Accounts 2020.Pdf
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WANdisco plc Annual Report and Accounts 2020 WANdisco is the LiveData company WANdisco solutions enable enterprises to create an environment where data is always available, accurate and protected, creating a strong backbone for their IT infrastructure and a bedrock for running consistent, accurate machine learning applications. With zero downtime and zero data loss, WANdisco’s products keep geographically dispersed data at any scale consistent between on-premises and cloud environments allowing businesses to operate seamlessly in a hybrid or multi-cloud environment. WANdisco has over a hundred customers and significant go-to-market partnerships with Microsoft Azure, Amazon Web Services, Google Cloud, Oracle, and others, as well as OEM relationships with IBM and Alibaba. Learn more about our solutions from page 4 Reasons to invest in WANdisco Contents Overview Innovative technology Significant opportunity 02 Our year in review Our technology is based on a Our addressable market is expanding 04 WANdisco at a glance patented, high-performance coordination engine Strategic report $1bn– 06 Chairman and Chief Executive’s report 08 Our markets $9.0m $1.5bn 12 Our business model development spend total addressable market 14 Our partnerships and technology Learn more about our innovative Learn more about our significant 16 Our strategy technology from page 12 opportunity from page 9 20 Key performance indicators 22 Risks 26 Financial review 28 Sustainability Corporate governance 32 Board of Directors 34 Executive Team 36 Vice Chairman’s introduction to governance 37 Corporate governance report 41 Nomination Committee report Talented people Strong partnerships 42 Audit Committee report We have an exceptional Significant go-to-market partnerships 44 Remuneration Committee pool of talent and we are with Microsoft Azure, Amazon Web and remuneration report committed to excellence Services, Google Cloud, Oracle, Databricks 47 Directors’ report and top Systems Integrators as well as 49 Statement of Directors’ responsibilities OEM relationships with IBM and Alibaba Financial statements 50 Independent auditor’s report to 180 28 the members of WANdisco plc employees at 31 December 2020 partner relationships 55 Consolidated statement of profit or loss and other comprehensive income Learn more about our talented Learn more about our strong people from page 12 partnerships from page 12 56 Consolidated statement of financial position 57 Consolidated statement of changes in equity 58 Consolidated statement of cash flows 59 Notes to the consolidated financial statements 88 Five-year record 89 Notice of Annual General Meeting 93 Secretary, advisers and share capital information 01 Our year in review 2020 highlights Financial highlights Revenue ($m) Cash overheads ($m)¹ Adjusted EBITDA ($m)² Statutory loss for the year ($m) $10.5m $36.9m $(22.2)m $(34.3)m 20 10.5 20 36.9 (22.2) 20 (34.3) 20 19 16.2 19 31.7 (11.7) 19 (28.3) 19 18 17.0 18 29.8 (9.4) 18 (19.7) 18 17 19.6 17 24.5 (0.6) 17 (13.5) 17 16 11.4 16 23.4 (7.5) 16 (9.3) 16 Cash ($m) Note: Throughout this document, alternative performance measures have been used which are non-GAAP measures that are presented to provide readers with additional financial information that is regularly reviewed by management and should not be viewed in isolation or as an alternative to the equivalent GAAP measure. $21.0m See Note 5 for details. 1 Operating expense adjusted for: depreciation, amortisation, capitalisation of development expenditure 20 21.0 and equity-settled share-based payment. See Note 9 for a reconciliation. 19 23.4 2 Operating loss adjusted for: depreciation, amortisation and equity-settled share-based payment. See Note 9 for a reconciliation. 18 10.8 17 27.4 16 7.6 Stay up to date with the latest news and investor information at: wandisco.com Microsoft Azure LiveData Platform launch Secured a global reseller agreement with a large global systems integrator Won a contract with one of the world’s largest airlines to migrate analytical data to the Microsoft Azure cloud Announced Microsoft Successful share subscription raising product in private preview $25m gross funds February 2020 June 2020 March 2020 Contract worth $1m with a division of one of the world’s largest media and telecommunications companies 02 WANdisco plc Annual Report and Accounts 2020 Operational and strategic highlights • Go-to-market launch of LiveData of petabyte scale data lakes to the cloud • Meaningful commercial momentum Platform for Azure in Q4 2020: and targeting migration of >30 petabytes with blue chip customers and of data in FY21 • Microsoft’s preferred data lake migration partners supports FY21 pipeline: solution, appearing as a native Azure • Expanded partnerships with data • Blue chip cloud migration contracts won Overview service with metered billing. Delivering analytics platforms Databricks and with: one of the world’s largest media and self-service data lake migration with zero Snowflake: telecommunications companies; one of downtime, disruption and risk the world’s largest airlines; a major British • Growing opportunity to support machine supermarket; a top three mobile operator; • Microsoft has estimated a total learning and artificial intelligence in and one of the largest banks in Africa addressable market of 200–300 exabytes the cloud of on-premise analytical data. Targeting • Secured a further $3m contract with • Post period end announced partnership migration of >100 petabytes of data one of the world’s largest media and with Snowflake, to automate, accelerate in FY21 telecommunications companies to and simplify the migration of on-premises migrate an initial 13PB Hadoop cluster • Launched LiveData Migrator on Hadoop analytics workloads to Snowflake’s to Microsoft Azure Amazon Web Services (“AWS”) data platform Cloud and achieved Migration • Signed a global reseller agreement with • Evolution in 2021 towards consumption- Competency status in Q3 2020: major systems integrator Infosys focused based revenue model – the standard on migration • Landmark success with launch customer for the cloud ecosystem: GoDaddy, seamlessly migrating 500 • Integrated LiveData Migrator into IBM’s • With metered billing on Azure, revenue terabytes of live data featuring 21,000 Big Replicate to capitalise on near-term is shifting from a subscription model change operations every second – only opportunity of enterprises migrating off in which revenue is recognised up front, possible through WANdisco’s solution legacy Hadoop platforms to a consumption-based model where • Providing AWS customers, a no revenue is recognised over time downtime, easy and efficient migration Became the first Go-to-market launch of LiveData independent software Existing relationship with Platform for Azure vendor (“ISV”) to achieve IBM extended to integrate AWS Competency Status in AWS contract with one of the top WANdisco’s LiveData the area of data migration three mobile operators for $450k Migrator August 2020 October 2020 December 2020 July 2020 September 2020 November 2020 Deal worth up to $1m with LiveData Migrator launch with New AWS win with large a major British supermarket Amazon Web Services financial services firm New contract win with one Announced Global Agreement $3m initial Azure contract with of the world’s largest insurers with Infosys major US telecoms company LiveData Migrator launch on G-Cloud 12 marketplace Annual Report and Accounts 2020 WANdisco plc 03 WANdisco at a glance Consistent data everywhere Keeping data consistent in a distributed WANdisco LiveData overview environment is a massive challenge for enterprises. WANdisco LiveData Cloud Services Protects customers’ investment No downtime, no outages, and no risk with solves the exponentially growing challenge guaranteed near-zero RTO and RPO. of keeping unstructured data available Transforms IT economics across diverse IT environments regardless Create a bedrock for performance by fully of geographic location, architecture, utilising hardware previously reserved for or cloud storage provider. backup and recovery. Used by enterprises worldwide and endorsed by Microsoft Azure Break through legacy constraints and Amazon Web Services for Hadoop migration and replication, Put all customers’ data to work for the our technology is based on a patented, high-performance coordination business and innovate without worrying engine which uses consensus to keep Hadoop and object store data that IT investments will be left behind. accessible, accurate, and consistent in different locations across any environment – on-premises, hybrid-cloud, multi-region and multi-cloud. WANdisco is the foundation for a modern cloud data strategy – a LiveData strategy – because it prevents data disasters, de-risks data migration to the cloud, and simplifies hybrid and multi-cloud data management. 04 LiveData strategy Overview WANdisco makes data globally accessible and consistent everywhere with a LiveData strategy. Alleviating the challenges of siloed data, a LiveData strategy ensures that enterprise data stays accurate, accessible, and consistent across your global IT environment. With a LiveData strategy, every user and every application has always-available data, regardless of geographic location, data platform architecture, or cloud storage provider. A platform for any IT architecture Geo-distributed data doesn’t need to slow down digital transformation Persona Cloud Architect Security Manager Data Architect Cloud Engineer Data Operator Data Engineer Active Disaster Solutions MultiSite MultiCloud