City watchdog set to investigate beleaguered tech firm WanDisco after £93m sales scandal

The City watchdog is investigating beleaguered tech firm Wandisco after a £93million sales scandal.

In another setback for the company, whose shares have been suspended on the London stock market, the Financial Conduct Authority will pore over its books after an internal probe uncovered a suspected fraud.

The Sheffield firm said it was co-operating with the probe after it published figures which may have materially mis-stated its financial position.

It has already torn up its 2022 results after it found revenues last year totalled £7.8million, not the £19million it reported. 

Sales bookings came in at £9.2million, well below the £103million the firm posted. Wandisco said sales bookings worth £93million were therefore completely false.

It develops software that allows clients to move around large amounts of data, with customers including Amazon, and says the alleged fraud is related to revenue booked by ‘one senior sales employee’.