WANdisco focuses on developing technology that enables customers to solve critical data-management challenges created by the shift to cloud computing.

Our estimates and the shares remain suspended following the announcement that potential large-scale fraud has been discovered. The investigation thus far indicates that the fraud was isolated to one key sales person, but the impact on WANdisco’s FY23 financial performance is very significant, with revenues expected to be $9.7m compared to the company’s previous guidance of ‘not less’ than $24m and bookings are expected to be $11.4m vs $127m. As of 30 April 2023, the company had a net cash balance of $8.1m with no debt facilities, which the (new) board believes provides WANdisco with sufficient working capital until the middle of July 2023. A programme to cut the cost base from $41m to $25m, reducing headcount by 30%, has been announced. A general meeting is scheduled for 6 June to approve a proposed $30m fund-raising to remain a going concern and capitalise on opportunities.