WANdisco Plc, a U.K. software provider to companies including Apple Inc. and Intel Corp., rose to a record as it won a U.S. patent award and joined a platform for storing and processing large volumes of data.
The stock advanced 9.4 percent to 640 pence, extending its gain this year to 45 percent. The stock has more than tripled since its initial public offering on June 1, giving the company a market value of 136.5 million pounds ($216.4 million). The volume of shares traded was almost 30 times the three-month daily average.
The products of Sheffield, England-based WANdisco allow software developers working anywhere in the world to have local access to the same data at all times. In November, the company moved into the so-called Big Data market used by social networking sites with the $5.1 million acquisition of AltoStor.
The stock is now above the 12-month price predictions of the two analysts tracked by Bloomberg. Panmure Gordon’s George O’Connor has a 565 pence target, while Emanuil Manos Halicioglu at Growth Equities & Co. has a 593 pence target.
In the last 10 days the company established a wholly-owned foreign enterprise in the Chinese city of Chengdu, was issued a patent for wide-area network technology it can use with Big Data, and joined the Hortonworks Technology Partner Program.
The Big Data market is forecast to increase at least 10-fold by 2017 to more than $50 billion, the company said in a statement about the patent award. Hortonworks, based in California, delivers services for Apache Hadoop, an open-source framework for running applications.
WANdisco had subscription bookings of $2.5 million during the three months through December, bringing its full-year total to $7.9 million, up 71 percent from the previous year, it said in a statement Jan. 15.
WANdisco was named Jan. 3 as one of Panmure Gordon’s top 2013 picks for small and mid-cap companies. O’Connor cut his recommendation to hold on Jan. 15, citing the fact that the share price was above his 12-month target.