Cirata, a Sheffield-based data firm, is witnessing a promising turnaround.
- The company reported $1.7 million in quarterly bookings and 16 contract signings.
- CEO Stephen Kelly emphasized the importance of rebuilding trust with partners.
- New board appointments aim to boost growth and strategic direction.
- Despite progress, achieving full-year booking targets remains challenging.
In a demonstration of recovery, Sheffield-based data technology company Cirata has reported quarterly bookings of $1.7 million alongside the signing of 16 contracts for the quarter ending September 30. Coupled with the announcements were the launch of their new Live Data Migrator 2.6 and unaudited trading updates, painting a promising picture for the firm’s potential turnaround.
CEO Stephen Kelly has been vocal about the substantial progress being made by Cirata’s management team in rebuilding trust with partners, an essential component of their recovery strategy. Despite improvements in revenue, the remnants of previously delayed deals continue to obscure headline numbers, showcasing the complexity of revamping the business post-WANdisco.
As part of its forward-looking strategy, Cirata has announced significant board appointments, adding Amanda Jobbins of Vodafone Business and Eric Collins of Impact X Capital Partners as non-executive directors. These appointments bring in fresh perspectives and are anticipated to enhance strategic initiatives towards sustainable growth.
The firm’s adjustment in its Original Equipment Manufacturer sales agreement with IBM stands as a significant advancement. The early retirement of a $1.7 million prepayment marks a revamp of their commercial alignment, opening avenues for renewed pipeline development and engagement gains. Cirata remains committed to achieving its full-year booking guidance, projected between $13 million and $15 million, although acknowledging the challenges associated with these goals.
Stephen Kelly stated, “We are making good progress, but this is not represented in the headline numbers.” Amidst steady progress, the firm eagerly tracks its pipeline for promising deals consistent with fiscal strategies, banking on a continued trajectory that supports their ‘land & expand’ approach.
Cirata is on a path to recovery with improving metrics, but significant challenges remain to meet its full-year targets.
