Sheffield tech firm WANdisco hit by potential $15m fraud

By David Walsh
Published 9th Mar 2023, 14:46 BST
Updated 9th Mar 2023, 14:46 BST
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Sheffield tech firm WANdisco has been hit by a potential $15m fraud amid ‘significant and sophisticated irregularities’.

Bosses say last year’s revenue could be as low as $9m - not $24m as previously reported - due to ‘significant, sophisticated and potentially fraudulent irregularities’.

The company has requested its shares are suspended from trading on the Alternative Investment Market while it conducts an investigation into the activity and ‘its true financial position’.

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The big data company said chief executive, Sheffield-born David Richards, and its chief financial officer had reported the incident to the board. They had discovered ‘potentially fraudulent irregularities with regard to received purchase orders and related revenue and bookings’.

David Richards, WANdisco chief executive, at the firm's headquarters in Castle House, Sheffield. Picture Bruce RollinsonDavid Richards, WANdisco chief executive, at the firm's headquarters in Castle House, Sheffield. Picture Bruce Rollinson
David Richards, WANdisco chief executive, at the firm's headquarters in Castle House, Sheffield. Picture Bruce Rollinson

WANdisco, which had a market value approaching £1bn before the bombshell update to investors, was founded in Silicon Valley in 2005. It employs more than 180 in Sheffield and California. The firm has funded several educational schemes in Sheffield and has set up an academy to teach coding.