Sphere 3D Wins Contract

Sphere 3D rose in premarket trading on Thursday after the provider of virtualization technologies won a contract valued at $3 million from an unidentified “independent school district” (ISD) that is an existing customer of its HVE virtualization group. Shares rose as much as 25% before settling down somewhat to a gain of 17%.

Sphere 3D said in a press release Thursday it will provide a next-generation campus network and architecture to support a smooth evolution to “software-defined networking” (SDN) for that customer.

It is anticipated that this ISD will continue with additional phases of completing its network upgrades later this year to support future requirements for its longer-term software defined data center initiatives aimed to benefit both students and faculty, the company said.

By Kristen Tardella