The wonderfully named WANdisco (LSE: WAND) — a company that specialises in providing distributed data systems technology — has seen its share price rise almost 9% so far this morning, following an announcement that it has secured a $10m revolving credit facility with HSBC until the end of March 2017.
The company says that it will use the newly-available funds to finance its continued expansion into the “Big Data” market. Big Data applications deal with data sets so large and complex that they require technologies beyond traditional data management and processing. Customers of WANdisco’s distributed computing solutions currently include BT, Disney, Ladbrookes and Centrica.
WANdisco’s Chief Financial Officer, Paul Harrison, commented:
“The reliability, predictability and high growth potential of our subscription-based business model enabled us to secure this credit facility on attractive terms. HSBC’s involvement, alongside our equity investors, diversifies our financing options as we expand in the Big Data marketplace, a marketplace that is attracting corporate investments on a significant scale.“
Founded in 2005, with joint headquarters in Silicon Valley and Sheffield, WANdisco listed on the London Stock Exchange in June 2012, raising over £24m in a flotation that was more than three times over-subscribed. After listing, WANdisco saw its share price rocket, reaching a peak of almost 1,500p by late 2013, before falling back significantly over the course of this year. But even its current level of 470p, it represents a gain of around 135% in little over two years, during which time the FTSE All-Share has increased just over 30%.
