WANdisco Acquisition. Acquisition accelerates big data. Technology. A start up, founded by key Hadoop contributors

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1 WANdisco Acquisition Acquisition accelerates big data Technology WANdisco s acquisition of AltoStor for $5.1m in cash and shares marks a significant advance in its drive to establish a position at the core of Hadoop/big data. The expected launch of the first Hadoop products is brought forward from H114 to H113. WANdisco s ability to attract AltoStor s founders, who played key roles in the development of Hadoop, with a part stock deal, also serves as a significant validation of the potential of WANdisco s active-active technology within the big data market. Year end Revenue PBT* EPS* (c) Net cash/(debt) P/E (x) Yield (%) 12/ (1.0) (20.4) (0.7) N/A N/A 12/12e 5.3 (4.1) (28.2) 14.8 N/A N/A 12/13e 8.2 (5.1) (23.7) 11.5 N/A N/A 12/14e 12.8 (3.6) (16.6) 10.8 N/A N/A Note: *PBT and EPS are normalised, excluding acquired intangible amortisation, share-based payments and exceptional items. 19 November 2012 Price p Market cap 91m 1/US$1.6 Shares in issue 20.8m Free float 58% Code WAND Primary exchange AIM Other exchanges N/A Share price performance A start up, founded by key Hadoop contributors AltoStor is a small software company whose founders have played a key role in the development of Hadoop, the open-source distributed database on its way to becoming the de-facto infrastructure for big data applications. AltoStor is developing Hadoop Enterprise designed to: 1) simplify the deployment of Hadoop by an enterprise; 2) enable the migration of Hadoop implementations from the public cloud to behind a corporate firewall and; 3) improve its availability. The first product is scheduled for launch in Q113. Accelerating and enhancing WANdisco s big data play WANdisco s development in big data also centres on improving availability and robustness, through using its DConE technology to replicate the Name Node, identified as the single point of failure within a Hadoop system. We had previously anticipated initial product launches in H114. If fact, the two companies have been working together for a number of months already and launch of a product integrating both parties solutions is now expected in H113. Thus the deal brings forward commercial launch by over a year, extends the scope of the offering beyond our previous expectations and enhances the company s credentials in this arena. Valuation: Big data milestone reached While we feel Hadoop prospects should be significantly enhanced by the deal, visibility is still low and our P&L estimates have not significantly changed, with WANdisco s established Subversion business driving our expectation of 49% CAGR sales growth over the next three years. The current share price factors in more than this a reverse DCF suggests 42% growth for five years beyond our forecast period at 33% EBITDA margins but continued execution on the Hadoop opportunity could drive a significant acceleration or become of strategic interest. The valuation under such a scenario is anyone s guess, but recent big data acquisitions, such VMWare s acquisition of Nicera for $1.2bn, suggest that the current rating would not be perceived as an obstacle should WANdisco be identified as a strategic big data target. % 1m 3m 12m Abs N/A Rel (local) N/A 52-week high/low 445.0p 180.0p Business description WANdisco is a distributed computing company. It has applied its proprietary replication technology to open-source tools to claim a strong position in the software version control market. It is now targeting the big data infrastructure market. Next events Investor teach-in Analyst 27 November Dan Ridsdale +44 (0) Edison profile page WANdisco is a research client of Edison Investment Research Limited

2 Investment summary: Acquisition accelerates big data Big data opportunity The term big data has become somewhat overused, but the fact is that the amount of data organisations store, access and analyse is increasing so rapidly that conventional architectures are becoming unable to cope. According to IBM, every day we create 2.5 quintillion bytes of data so much that 90% of the data in the world today has been created in the last two years alone. At the same time, companies across all verticals are seeking to gather and analyse vast amounts of unstructured data to gain a competitive advantage or develop new business models. Hadoop is a fundamental building block of big data Hadoop is one the key technologies enabling this trend and is now central to the big data strategies of many enterprises, and service and content providers. Notable users include Yahoo!, which played a key role in developing the technology and now reportedly runs the system across 25k servers globally. In 2010 Facebook claimed it had the largest Hadoop cluster in the world and is on record as saying it now runs 100 petabytes of storage on the software. Other users include Amazon, Apple, Netflix, Microsoft and Twitter. Like Subversion, the development of Hadoop is also managed by the Apache foundation, of which WANdisco is a corporate sponsor. Significant growth forecast Sizing WANdisco s market opportunity in big data is very difficult, but from a basic point of view, if WANdisco can successfully deliver on its promise to substantially improve the resilience, flexibility and performance of Hadoop systems, then a significant revenue opportunity should be opened up. We need to be aware that big data is probably at the apex of a hype cycle at present, but this is a major structural trend, which will propel companies with successful technologies and business models to rapid growth. Estimates about the size of the market include: IDC predicts the market for big data technology and services will reach $16.9bn by 2015, up from $3.2bn in 2010: a 40% CAGR. Software and services is expected to make up the bulk of this opportunity, but infrastructure technology is expected to grow at a rate of 44%, while storage systems are expected to grow at 61%. Tabular analysis estimates that the Hadoop-MapReduce market will grow at a CAGR of 58% between 2013 and 2018 to reach $2.2bn in This implies a 2013 market size of $223m. Expertise is hard to come by This rapid growth is leading to a shortage of Hadoop skills across the market. According to McKinsey & Company, the US alone is likely to face a shortage of 140,000 to 190,000 people with Hadoop skills as well as 1.5 million managers and analysts with the know-how to use the analysis of big data to make effective decisions by AltoStor s founders played a key role in Hadoop s development AltoStor co-founder Dr Konstantin Shvachko is credited with the creation of the Hadoop Distributed File System (HDFS), which is core to its operation. His compatriot Jagane Sundar was director of 2

3 Hadoop performance and operability at Yahoo, which played a key role in the development of the technology. Hadoop milestones brought forward In our initiation note Big data investment, we identified a number of key milestones upon which to measure WANdisco s progress in Hadoop/big data. This transaction substantially accelerates this roadmap, bringing forward initial product launch by at least a year while also expanding the expected capability of the initial offering. Exhibit 1: Hadoop development roadmap - milestones Milestone OId anticipated date New anticipated date Hiring senior staff from high profile Hadoop users/ developers H212 Achieved Completing an initial prototype H113 H212 Initial prototype implementations H213 Q113 Launching a product for Name Node replication H114 H113 Launching a product for replication of a complete cluster TBC TBC Source: Edison investment Research Deal mechanics The company is acquiring AltoStor for a total consideration of $5.1m, of which $1.5m is payable in cash, and $3.6m in shares, satisfied through the issue of 526k new shares at 428p. The founder/owners of AltoStor will receive 37.6k shares on completion with the balance subject to claw back if they leave the business over the next three years. Implication on estimates: Not significant at this stage Our P&L estimates are unchanged. We do not yet have enough visibility on either uptake of the company s Hadoop products or its pricing to adjust bookings/sales estimates, while we had already assumed very significant cost increases in H2 which this transaction will absorb. Our adjusted EPS loss estimates reduce by 2% for both 2012 and 2013 as a result of the dilution. Year-end net cash reduces by $1.5m to $14.8m reflecting the cash consideration. 3

4 Exhibit 2: Financial summary $'000s e 2013e 2014e Year end 31 December IFRS IFRS IFRS IFRS IFRS PROFIT & LOSS Revenue 2,984 3,878 5,252 8,178 12,767 Cost of Sales (588) (303) (869) (1,320) (1,881) Gross Profit 2,396 3,575 4,383 6,858 10,886 EBITDA (828) 150 (2,761) (3,150) (133) Operating Profit (before amort. and except.) (1,474) (876) (4,216) (5,205) (3,688) Intangible Amortisation Exceptionals (204) (205) (2,716) 0 0 Share based payments (182) (73) (545) (100) (100) Operating Profit (1,860) (1,154) (7,477) (5,305) (3,788) Net Interest (97) (75) Profit Before Tax (norm) (1,571) (951) (4,116) (5,105) (3,588) Profit Before Tax (FRS 3) (1,957) (1,229) (7,377) (5,205) (3,688) Tax Profit After Tax (norm) (1,527) (926) (4,042) (5,052) (3,551) Profit After Tax (FRS 3) (1,913) (1,204) (7,303) (5,152) (3,651) Average Number of Shares Outstanding (m) EPS - normalised (c) (33.6) (20.4) (28.2) (23.7) (16.6) EPS - normalised and fully diluted (c) (33.6) (20.4) (28.2) (23.7) (16.6) EPS - (IFRS) (c) (42.1) (26.5) (50.9) (24.2) (17.1) Dividend per share (c) Gross Margin (%) EBITDA Margin (%) N/A N/A N/A N/A (1.0) Operating Margin (before GW and except.) (%) N/A N/A N/A N/A N/A BALANCE SHEET Fixed Assets 1,198 1,386 9,171 11,676 12,671 Intangible Assets 1,116 1,343 9,143 11,643 12,643 Tangible Assets Investments Current Assets 284 1,262 16,783 13,747 14,035 Stocks Debtors 205 1,188 1,975 2,280 3,249 Cash ,808 11,467 10,786 Other Current Liabilities (6,086) (8,151) (10,328) (14,750) (19,483) Creditors (5,453) (7,446) (10,328) (14,750) (19,483) Short term borrowings (633) (705) Long Term Liabilities (5) (70) (5) (5) (5) Long term borrowings 0 (65) Other long term liabilities (5) (5) (5) (5) (5) Net Assets (4,609) (5,573) 15,621 10,669 7,218 CASH FLOW Operating Cash Flow (3,282) 1,067 3,732 Net Interest (97) (75) Tax Capex (inc capitalised R&D) (1,134) (1,214) (4,140) (4,560) (4,550) Acquisitions/disposals 0 0 (1,500) 0 0 Financing , Dividends Net Cash Flow (391) (316) 15,504 (3,341) (682) Opening net debt/(cash) (14,808) (11,467) HP finance leases initiated Other Closing net debt/(cash) (14,808) (11,467) (10,786) Source: Edison Investment Research, WANdisco accounts 4

5 EDISON INVESTMENT RESEARCH LIMITED Edison Investment Research Limited (Edison) is a leading international investment research company. Edison and its subsidiaries (Edison Group) have won industry recognition, with awards both in Europe and internationally. The team of 95 includes over 60 analysts supported by a department of supervisory analysts, editors and assistants. Edison writes on more than 400 companies across every sector and works directly with corporates, fund managers, investment banks, brokers and other advisers. Edison s research is read by institutional investors, alternative funds and wealth managers in more than 100 countries. Edison, founded in 2003, has offices in London, New York, Sydney and Wellington. Edison is authorised and regulated by the United Kingdom s Financial Services Authority (www.fsa.gov.uk/register/firmbasicdetails.do?sid=181584). Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number ) and is registered to provide wholesale and/or generic financial adviser services only. DISCLAIMER Copyright 2012 Edison Investment Research Limited. All rights reserved. This report has been commissioned by WANdisco and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are wholesale clients for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c)(1)(a), (b) and (c) of the FAA). It is not intended for retail clients. This is not a solicitation or inducement to buy, sell, subscribe, or underwrite securities. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct an investment business and, accordingly, does not hold any positions in the securities mentioned in this report. However, their respective directors, officers, employees and contractors may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a personalised service and, to the extent that it contains any financial advice, is intended only as a class service provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. Registered in England, number , Edison Investment Research Limited is authorised and regulated by the United Kingdom Financial Services Authority. Registered on the New Zealand Financial Service Providers Register, number , Edison Investment Research (NZ) Limited is registered to provide wholesale and/or generic financial adviser services and is regulated by the New Zealand Financial Markets Authority. 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