WANdisco looks to AIM for development

Software business WANdisco intends to join AIM this June in an IPO that will raise £10 million.

Software business WANdisco intends to join AIM this June in an IPO that will raise £10 million.

The Sheffield-headquartered company is looking to raise the amount through a placing at 10p a share via broker Panmure Gordon to fund its overseas growth programme.

The group specialises in software for the software development industry, for engineers and developers. Its Customers include telecoms giant AT&T, Japanese motoring heavyweight Honda and mobile phone manufacturer Motorola.

WANdisco uses a annual subscription model for its products, and reported that revenues rose from $3 million in 2010 to $3.9 million in 2011.

The company was founded by David Richards, Jim Campigli and Yeturu Aahlad, three IT veterans.

Richards, president and CEO of WANdisco comments, 'From our bases in Sheffield and Silicon Valley, we have successfully developed and sold solutions to some of the biggest challenges global software development teams currently face, helping them to speed up and simplify their development efforts in ways not previously thought possible.'

'Our intention to float on AIM is a statement of our confidence in WANdisco’s technology and of our belief in the opportunity open to our business. We have a clear strategy for growth and the funds raised through our proposed placing will help us deliver on that strategy, opening up new markets, new products and new possibilities both for WANdisco and its customers.'