Beaufort Interviews

Indian Pacific Resources

Beaufort TV | Mining | 04/09/2017

On Thursday, 21st September 2017 Paul Bibby, CEO of Indian Pacific Resources answered questions posed by private investors at the Beaufort offices ahead of the company's planned IPO in London in early October.

 

Thor Mining

Beaufort TV | Mining | 04/09/2017

On Wednesday, 20th September 2017 Mick Billing, Chairman & CEO of Thor Mining (THR.L) answered questions posed by private investors at the Beaufort offices.

 

Cora Gold

Beaufort TV | Mining | 13/09/2017

On Wednesday, 13th September 2017 Jon Forster, CEO of Cora Gold answered questions posed by private investors at the Beaufort offices ahead of the company's planned IPO on AIM later this month.

 

Amryt Pharma

Beaufort TV | Pharmaceuticals & Biotechnology | 04/09/2017

On Monday, 4th September 2017 Joe Wiley, CEO of Amryt Pharma (AMYT.L) answered questions posed by private investors at the Beaufort offices.

 

Jubilee Platinum

Beaufort TV | Mining | 13/07/2017

On Thursday, 13th July 2017 Leon Coetzer, CEO of Jubilee Platinum (JLP.L) answered questions posed by private investors at the Beaufort offices.

 

Katoro Gold

Beaufort TV | Mining | 26/05/2017

On Friday, 26th May 2017 Louis Coetzee, Executive Chairman of Katoro Gold (KAT.L) answered questions posed by private investors at the Beaufort offices.

 

Edison TV Interviews

Learning Technologies Group

Edison TV | Technology | 22/09/2017

Jonathan Satchell, CEO of Learning Technologies Group (LTG.L), gives an update on the recent H1 results, which saw revenues surge by 68% including 33% organic growth. This organic growth included the one-off impact of the major CSL contract and a small FX tailwind, implying underlying organic revenue growth of 18-19%. Jonathan discusses how the CSL contract is progressing and how the NetDimensions acquisition is bedding in. He gives some colour on recent contract wins and outlines the group's new "co-ordinated selling" strategy. Finally, he gives an update on the group's acquisition strategy.

LTG is an integrated learning technology and services business focused on the corporate training market. Traditionally, it was a services business, building e-learning content solutions for enterprises, both in the private and public sectors. In recent years, LTG has acquired a specialist in the financial services sector, Eukleia, and a gamification specialist, Preloaded, to its services portfolio. Additionally, LTG has developed and acquired its own suite of specialist learning technology software solutions, including gomo (an authoring tool), Rustici (which enables interoperability across different technology standards) and NetDimensions (an enterprise LMS).

 

Securities Trust of Scotland

Edison TV | Investment Trusts | 18/09/2017

Securities Trust of Scotland (STS.L) was launched in 2005. It aims to provide rising income and long-term capital growth through a portfolio of global equities. Following the adoption of an unconstrained mandate, from 1 June 2016 the trust measures its performance versus the rolling three-year median return of open- and closed-ended peers, as well as an absolute target to produce real growth in revenue and cum-income NAV on a rolling five-year basis.

In this webcast, portfolio manager Mark Whitehead explains STS's investment objective and comments on the trust's performance since he became lead manager in May 2016. He then highlights STS's dividend policy and the enhancements he has made to the investment process. Whitehead follows on by highlighting which sectors and geographies are providing the most attractive investment opportunities and explains the change in benchmark since STS moved to an unconstrained mandate.

 

CentralNic Group

Edison TV | Software & Services | 14/09/2017

CentralNic (CNIC.L) is one of the world's leading domain registry service providers. It offers registry services, distribution, and strategic consultancy for new TLDs (top-level domains), ccTLDs (country code top-level domains) and SLDs (second-level domains). It reports across three divisions: the Wholesale division (19% FY16 EBITDA) enables new TLD and ccTLD rights holders to supply their domains to an integrated network of around 1,500 retailers and through them over 100,000 resellers, including billing and cash collection services. The Retail division (38% FY16 EBITDA) allows different categories of end users across 10 different languages to register domain names and purchase the additional services required to deploy their websites and email. The Enterprise division (43% FY16 EBITDA) enables corporations and domain investors to manage their domain name portfolios. The group listed on AIM in 2013. It is headquartered in London but operates globally with customers in over 200 countries. In FY16, approximately 90% of its revenues were generated outside the UK.

In this interview, CEO Ben Crawford describes the attractive cash conversion and strong operational gearing characteristics of the group's business model. He explains the acquisition strategy, which prioritises companies in emerging markets where internet adoption is currently less widespread. The August acquisition of Slovakia's SK-Nic is the most recent example of this strategy at play. With an exclusive licence to distribute the domain name for the national country code for Slovakia (.sk), it has a leading market share in the Slovakian market and is growing at twice the European average; by investing in the platform and marketing, he believes it will make a strong contribution to future growth while also contributing to the subscription revenue base that the group is building. Ben goes on to presents the highlights of the FY17 interim results, which saw growth across all three divisions, and EBITDA +50% y-o-y, and also discusses the importance of the recent announcement that the group has renegotiated its exclusive contract to distribute the number one TLD xyz.com. Confident that the group will hit full-year consensus estimates, he wraps up summarising that the emerging market exposure and superior growth currently being delivered relative to larger peers, combined with a 25% plus PE discount makes CentralNic an attractive investment opportunity."

 

EMIS Group

Edison TV | Technology | 01/09/2017

EMIS (EMIS.L) is a clinical software supplier to the UK healthcare market. The company was originally established to serve the GP market, where it has a dominant position with a market share of 56% of UK GP practices. It has expanded from this position to create a broad range of products serving the community, child and mental healthcare (CCMH) market, the acute sector, and community pharmacies (where it has c 37% share) as well specialist software and screening services for diabetic retinopathy. The company strategy is to provide connected healthcare solutions to facilitate patient-centric care.

In this video, recently appointed CEO Andy Thorburn reviews the company's H117 results, including a discussion of the performance at a divisional level. He describes progress to date with the reorganisation plan and outlines what is left to do in the second half. He provides an update on the company's plans to develop the Patient online healthcare information business. Finally, he discusses the current trading environment and gives his views on the company's short and long-term outlook.

 

e-Therapeutics

Edison TV | Healthcare | 09/08/2017

e-Therapeutics (ETX.L) is a UK-based drug discovery company that has developed a proprietary, computer-based discovery platform based on network biology. In this interview Dr Ray Barlow, CEO of e-Therapeutics, provides an overview of the company, and outlines the output of its recent strategic review and its focus moving forward.

Network-driven approaches could potentially revolutionise drug discovery and shorten the path to market by increasing productivity, minimising technical risks and drug development costs. ETX is differentiated from its competitors through its expertise in curating, processing and analysing data in the context of mechanistic modelling of disease. It offers public market investors a unique opportunity to gain exposure to a proprietary, cutting-edge, in-silico drug discovery platform that has already attracted significant investment and has been fully operational since 2014. This second-generation platform has generated new chemical entities (NCEs) in several different disease areas and is on the cusp of commercial validation. ETX's strength is in its discovery capability, particularly in complex disease; it is focusing its own internal discovery efforts in the area of immuno-oncology and is in the process of taking the first wave of discovery assets out to the industry for out-licensing.

 

Custodian REIT

Edison TV | Financials | 31/07/2017

Richard Shepherd-Cross, managing director of Custodian Capital, discusses the recent FY17 results, which showed a 2% increase in NAV and a 48% rise in earnings. Richard discusses the main drivers of the increases in earnings and NAV during the year. He looks at how the 25 acquisitions in the year have maintained the geographical and sectoral focus of the portfolio. He goes on to talk about whether there are still opportunities to acquire properties at yields in line with its targets and the financial resources the company has to continue building the portfolio. He then discusses the potential for rental growth across the regions over the next two years. Finally, he covers dividend growth and the aim to maintain a covered dividend this year and beyond.

Custodian REIT (CREI.L) is an income-orientated REIT focused on UK commercial property outside London. CREI is managed by Custodian Capital, a subsidiary of Mattioli Woods, which holds 8% of CREI on behalf of its clients, through its discretionary portfolio management service.

 

Custodian REIT

Edison TV | Financials | 31/07/2017

Richard Shepherd-Cross, managing director of Custodian Capital, discusses the recent FY17 results, which showed a 2% increase in NAV and a 48% rise in earnings. Richard discusses the main drivers of the increases in earnings and NAV during the year. He looks at how the 25 acquisitions in the year have maintained the geographical and sectoral focus of the portfolio. He goes on to talk about whether there are still opportunities to acquire properties at yields in line with its targets and the financial resources the company has to continue building the portfolio. He then discusses the potential for rental growth across the regions over the next two years. Finally, he covers dividend growth and the aim to maintain a covered dividend this year and beyond.

Custodian REIT (CREI.L) is an income-orientated REIT focused on UK commercial property outside London. CREI is managed by Custodian Capital, a subsidiary of Mattioli Woods, which holds 8% of CREI on behalf of its clients, through its discretionary portfolio management service.

 

Target Healthcare REIT

Edison TV | Real Estate | 31/07/2017

Kenneth MacKenzie is the managing partner of Target Advisers, which manages Target Healthcare REIT (THRL.L), the UK's only listed investor in modern, purpose-built care homes. In this interview he gives some background to the REIT, its investment strategy and the drivers underlying the care sector.

Target Healthcare REIT aims to provide long-term, stable and sustainable income via rising dividends based on secure income streams. These come from a high-quality portfolio of 46 care homes across the UK, let to 17 operators on leases averaging over 29 years and valued at £275m (31 March 2017). The majority of leases are RPI-linked and subject to upward-only annual reviews, although some have fixed annual uplifts. The operational ability, care ethos and finances of prospective tenants are scrutinised before acquisitions are made and discipline is exercised in acquiring only assets offering attractive yields at sustainable rental levels (7% net initial yield has been the benchmark to date). This has helped Target to build a portfolio generating passing rent of £20m at 31 March 2017 at a 6.75% initial yield without sacrificing lease length.

Kenneth MacKenzie is the managing partner of Target Advisers, which manages Target Healthcare REIT, the UK's only listed investor in modern, purpose-built care homes. In this interview he gives some background to the REIT, its investment strategy and the drivers underlying the care sector.

 

Jaywing

Edison TV | Media | 26/07/2017

Martin Boddy, CEO of Jaywing (JWNG.L), describes the components of the business and how it is differentiated from other marketing services groups. He also talks through last year's acquisitions and what they are bringing to the group. Martin also discusses the opportunities for scaling up and his view on the current state of the market.

Jaywing is an agency and consulting business in the marketing services sector, with its HQ in Sheffield. It operates in the UK and Australia and specialises in the application of data science, with one in 10 of its 650+ people a data scientist. Over 60% of its contracted revenues are recurring, with one in three of its top 50 blue-chip clients buying more than one service line.

 

Tungsten Corporation

Edison TV | Financial Services | 25/07/2017

In thess interviews CEO Richard Hurwitz and CFO David Williams discuss Tungsten's (TUNG.L) operational and financial performance in the year to 30 April 2017. They also talk about the development of Tungsten in future, with further client engagement, helping buyers and suppliers to manage their accounts payable and receivable (AP and AR) better, plus internal efficiencies and a focus on technology and innovation.

Tungsten Corporation operates a global e-invoicing network, reducing the costs in time and money associated with paper-based invoicing. It also provides value-added services such as spend analytics to help buyers on its network save money, and invoice financing to suppliers to enable them to receive early payment on their invoices.

 

Osirium Technologies

Edison TV | Technology | 25/07/2017

David Guyatt, CEO of Osirium Technologies (OSI.L), introduces us to the business. He explains the security challenges that Osirium's technology seeks to address, the growth of the privileged access management software market and how Osirium's solutions are differentiated from incumbent providers. David highlights the key achievements since the IPO in April 2016, describes the company's channel strategy, and outlines some of management's key objectives for the coming year.

Osirium Technologies is an early stage, UK based, Software-as-a-Service (SaaS) cyber security company. The company's software protects users against both external and internal cyber threats through active management of so called 'privileged users', thereby limiting and controlling access to IT infrastructure and systems.

 

Picton Property Income

Edison TV | Financials | 13/07/2017

Michael Morris, CEO of Picton Property Income (PCTN.L), discusses the recent FY17 results, which showed a 6% increase in NAVPS and a 30% improvement in income profit. Michael discusses the main drivers of the increases in earnings and NAV during the year. He looks at how having an exposure to a weaker London market did not hinder returns during the year. Part of the reason for this was Picton's sector focus and Michael explains that there is currently a bias towards industrial assets and away from retail. He goes on to look at how Picton's performance compares with the main benchmark index over the short and longer term. Picton is an internally managed company and Michael talks through the advantages of this structure and its effect on long-term performance. Finally, he explains what the strategy of being "occupier-focused and opportunity-led" means in practice for Picton's tenants and shareholders.

Picton Property Income Limited is an internally managed investment company, which invests in commercial property across the United Kingdom. Established in 2005, it has a main market listing on the London Stock Exchange.

 

Findel

Edison TV | Consumer | 10/07/2017

Phil Maudsley, CEO of Findel (FDL.L), and Stuart Caldwell, Acting CFO discuss where the company stands on its strategic journey to become an online-driven value retailer through its Express Gifts division and the Studio brand. Significant progress has recently been logged, with the online proportion of orders jumping to 63%, and recent younger customers placing up to 90% of their first orders online. Phil also discusses the increasing use of Far East based production, not only for Express but in the Education division, where it is part of a strategy to improve competitiveness. Stuart also explains the use of debt as part of the company's consumer credit model.

Findel comprises market-leading businesses in the UK online value retailing and education supplies markets. The company's objective is to develop sustainable growth in a marketplace for value-conscious customers who are rapidly moving their purchases online.

 

IG Design Group

Edison TV | Consumer | 04/07/2017

Paul Fineman, CEO, describes IG Design Group's (IGR.L) business activities and highlights the group's competitive advantages. He then discusses last year's acquisition of Lang in the US, how it has added complementary products and customers and progress on its integration. He also comments on how the financial performance of the group has developed over the last few transitional years and the current priorities for the allocation of capital.

IG Design Group designs, manufactures, sources and distributes products to retailers across the world. These are in the categories of Celebrations (gift packaging, greetings cards and partyware), Stationery and Creative Play (design-led gifts) and Gifting (themed and design-coordinated giftware).

 

FreeAgent Holdings

Edison TV | Technology | 30/06/2017

FreeAgent's (FREE.L) CEO, Ed Molyneux, introduces FreeAgent. He explains the company's competitive positioning within the UK accountancy software market and describes how it is leveraging accountants as the company's channel partners. Looking ahead, he explains how HMRC's forthcoming Making Tax Digital initiative should become a tailwind for FreeAgent and why he believes that the company has ample headroom to continue growing in the UK market. He rounds up by explaining which key metrics investors should look for in FreeAgent as a pure SaaS business and the key milestones for the year ahead.

FreeAgent is a provider of cloud-based, Software-as-a-Service (SaaS) accounting software solutions and mobile applications designed specifically for UK micro-businesses (defined as sole traders and companies with fewer than 10 employees) and their accountants.

 

Seneca Global Income & Growth Trust

Edison TV | Investment Trusts | 27/06/2017

Seneca Global Income & Growth Trust (SIGT.L) was launched in 2005 and adopts a 'Multi-Asset Value Investing' approach, aiming to generate income and capital growth with low volatility by investing in a multi-asset portfolio of equities, fixed income and specialist assets. Since January 2012, SIGT's performance has been benchmarked against three-month Libor +3%. Annual dividends have increased each year since 2013. On 1 August 2016, SIGT adopted a discount control mechanism aiming to ensure that its share price trades very close to NAV.

In this webcast, chief investment officer Peter Elston and senior fund manager Alan Borrows comment on SIGT's FY17 annual results. They highlight notable changes in asset allocation over the last 12 months and a few new additions to the portfolio. Elston and Borrows then comment on why they believe that SIGT is becoming increasingly popular to a wider audience and about the discount control mechanism that was introduced in 2016.

 

BB Healthcare Trust

Edison TV | Investment Trusts | 26/06/2017

Paul Major, fund manager of BB Healthcare Trust (BBH.L) (launched December 2016), gives an overview of the investment trust and how it sits alongside manager Bellevue Asset Management's long-established BB Biotech fund. He explains how the high-conviction strategy differs from peers, not just in its concentrated portfolio drawn from across the healthcare universe, but also in its 3.5% distributions and annual redemption facility. Major goes on to explore why investors should consider looking at the healthcare sector, which is supported by scientific innovation and demographic change, and looks ahead to the rest of the year, a period in which he expects fundamentals for the sector to reassert themselves following a period where political debate has dominated the headlines.

BB Healthcare Trust (BBH) is an investment trust concentrating on the global healthcare sector. It holds a focused and actively managed portfolio of a maximum of 35 investments chosen for their capital growth potential. Structured as a UK-listed investment trust, the fund targets an annual dividend of 3.5% of NAV, which it manufactures largely from capital returns rather than being constrained by investing in high-yielding stocks. It offers an annual redemption facility as a means of minimising any potential discount to NAV.

 

Green Dragon Gas

Edison TV | Oil & Gas | 05/05/2017

2017 is likely to be a critical year for Green Dragon Gas (GDG.L) as management works to deliver on several milestones that will enable a step-up in activity levels. In this interview, CEO Randeep Grewal talks about the challenges and milestones for the year ahead. We were encouraged by the CNPC approval and submission of the GCZ CBM Block overall development plan (ODP) in April. Execution of supplementary agreements and GSS ODP submission would provide an incremental reserve base for GDG to leverage in order to refinance outstanding bonds and fund further drilling activity. With regard to funding, GDG states that it has multiple term sheets for mezzanine and RBL funding on hand, which should enable the company to refinance upcoming debt commitments. Our research looks at GDG under a range of scenarios, including an un-funded minimal-capex case and a base case that assumes access to RBL funding in 2017.

 

Dialight

Edison TV | Industrials | 03/05/2017

Dialight (DIA.L) is leading the energy-efficient LED lighting revolution around the world for industrial and hazardous applications. It is committed to the continuing development of LED lighting solutions that enable its customers to lower their energy usage and carbon dioxide emissions, reduce maintenance costs and improve safety.

In this webcast, Michael Sutsko, who joined Dialight as CEO in June 2015, explains why LED lighting is particularly appropriate for use in industrial and hazardous applications, and the advantages accruing to Dialight of being one of the first movers in these segments. He describes the strategic review he instigated on joining the company and how this benefited FY16 results. Michael concludes by talking about the actions that management is taking to ensure that Dialight retains its leadership position in LED lighting and continues to benefit from the long-term opportunity that the sector presents.

 

Learning Technologies Group

Edison TV | Technology | 11/04/2017

Jonathan Satchell, CEO of Learning Technologies Group (LTG.L), discusses the group's background and its ambitions. LTG recently announced FY16 results, which saw revenue up 42%, adjusted EBITDA up 77% and adjusted EPS up 57%, and Jonathan talks through the industry dynamics that are driving this growth. He discusses the rationale for buying NetDimensions and explains how it will fit within the broader group. He discusses the 100-day plan for achieving cost synergies from NetDimensions and the impact it is likely to have on the business in the longer term. Finally, he outlines the key milestones that investors should expect from LTG over the next 12 months.

LTG was historically a professional services group, building bespoke content for corporate training environments, either in conjunction with the customer's own learning management system (LMS) or an open source LMS such as Moodle. In recent years, it has developed and acquired its own suite of specialist learning technology software solutions, including gomo (an authoring tool) and Rustici (enables interoperability across different technology standards). Most recently, it has acquired NetDimensions, which gives the group its own proprietary LMS.

 

Nanoco Group

Edison TV | Technology | 05/04/2017

Dr Michael Edelman, CEO of Nanoco Group (NANO.L), discusses the progress the company is making towards securing its first commercial orders and in securing a strong position in the display supply chain with its key partners Merck, Dow and Wah Hong. He discusses progress for Nanoco's quantum dots in applications outside TV display, particularly the high-end PC monitor market, but also in lighting, healthcare and solar technologies. He also provides insight into the company's cash levels and funding position and discusses the key milestones that investors should look for in the remainder of the company's fiscal year and beyond.

Nanoco is the leading commercial supplier of cadmium-free quantum dots – fluorescent semiconductor nanoparticles that absorb or re-emit different colours of light depending on the size of the particle. Quantum dots can be used in a number of different applications including TV displays, lighting, medical applications and solar power. Display is the most advanced of these applications, where quantum dots can provide better picture quality and better efficiency than competing LCD or OLED screens.

 

Regional REIT

Edison TV | Property | 04/04/2017

Regional REIT (RGL.L) owns a commercial property portfolio of predominantly offices and light industrial units located in the regional centres of the UK. The recently published FY16 results covered the first full year of trading since the IPO in November 2015 and showed good progress on portfolio and rent roll growth, rebalancing the portfolio (towards England and Wales and to the office and industrial sectors), debt reduction and the delivery of attractive returns. The c 8.1% prospective dividend yield is the highest in the sector, supported by rents from a portfolio of c £630m following the acquisition of a portfolio from Conygar after the year end.

Stephen Inglis is the group property director and chief investment officer of London & Scottish Investments, which is the asset manager to Regional REIT, as well as being a non-executive director of Regional itself. In this interview he discusses the results, strategy and the outlook for regional property.

 

EMIS Group

Edison TV | Software & Computer Services | 16/03/2017

EMIS Group (EMIS.L) is a clinical software supplier to the UK healthcare market. The company was originally established to serve the GP market, where it has a dominant position with a market share of 55% of UK GP practices. It has expanded from this position to create a broad range of products serving the community, child and mental healthcare (CCMH) market, the acute sector, and community pharmacies (where it has c 37% share) as well specialist software and screening services for diabetic retinopathy. The company' strategy is to provide connected healthcare solutions to facilitate patient-centric care.

In this video, CEO Chris Spencer reviews the company's 2016 results, with a discussion of the performance at a divisional level. He explains the pressures on the NHS to match funding to the ever increasing demand for services, and details how the company is reacting to this, including the reorganisation of the Primary, CCMH and Secondary Care businesses into one unit. He describes the company's plans to develop the Patient online healthcare information business. Finally, he discusses the current trading environment and gives his views on the company's short and long-term outlook.

 

7digital

Edison TV | Media | 13/03/2017

7digital provides white-label platform services and solutions that enable businesses to provide end-to-end digital music services to their customers. Its platform provides the infrastructure that supports high resolution audio download and streaming services, together with the rights to more than 50 million music tracks and curation expertise to enable businesses to offer comprehensive digital music services to their clients. As well as providing these B2B services, 7digital runs its own online music shop and provides music radio programming for broadcasters including the BBC. Its global customer base comprises leading consumer brands, mobile carriers, broadcasters, equipment manufacturers and retailers including Panasonic, Onkyo, Cdiscount, musical.ly and Electric Jukebox. The company was founded in 2004, listed on AIM in 2015 following the merger with radio group UBC and now employs c 125 FTEs through its offices in London, San Francisco, Manchester, Lille, Paris and Auckland.

In this interview CEO Simon Coles presents the 2016 results highlights, notably the move to EBITDA profitability in Q416 and strong growth in high margin licensing revenues in H216. It is this momentum, on a largely fixed cost base that underpins his confidence that 7digital will move to profitability across 2017as a whole. Cole outlines the rationale behind the proposed acquisition of its largest European competitor 24-7, which along-side scale and synergy brings a significant customer and strategic investor to 7digital via 24-7's parent company, MediaMarktSaturn. The digital music market has changed considerably over the last few years but remains ripe for disruption as a significant share of the market is still not served by the flat fee consumer subscription services. Cole explains why 7digital is well placed to share in the next phase of the industry's growth. With a leading position in a dynamic market and a management team experienced at integrating acquisitions he sees a significant opportunity for investors in 7digital.

 

Kainos Group

Edison TV | Technology | 10/02/2017

CEO Brendan Mooney outlines the main activities of the company's two divisions, Digital Services and Digital Platforms. He discusses growth prospects by division, including the growing number of opportunities in Germany, Benelux, Australia and the US. He explains the company's approach to product development and M&A. With the success of the business highly dependent on the ability to hire and retain well-qualified staff, he discusses the company's approach to hiring. Finally, he outlines the key milestones for investors to track over the next year.

 

WANdisco

Edison TV | Technology | 17/01/2017

CFO Erik Miller, who joined the company in the summer, gives an overview of his career before WANdisco (WAND.L) and explains why the company's replication technology and the IBM partnership were key attractions for joining the business. He discusses his key priorities for the near term and how the dynamics of WANdisco's economic model have evolved over 2016. He also describes the key financial metrics that investors should be looking for as the company executes on his plan.

 

WANdisco

Edison TV | Technology | 17/01/2017

CEO David Richards discusses recent developments in the big data marketplace and the relevance to WANdisco (WAND.L). He discusses the strong progress being made in the partnership with IBM, through which WANdisco signed a $1m deal with a major automotive manufacturer in Q4, and the strategic importance of the Amazon AWS partnership as more data migrates to the cloud. He describes the competitive environment for the WANdisco's technology and discusses emerging trends in terms of customer deployments of WANdisco's technology. He rounds up by summarising the key things that investors should expect from WANdisco in 2017.