Sheffield-based Cirata sees progress despite challenging targets, according to CEO Stephen Kelly. The tech firm reported $1.7m in quarterly bookings, highlighting management’s efforts to rebuild trust with partners. Unveiling interim results showed rising revenues but noted deal delays. Cirata remains optimistic about achieving its booking guidance of $13m to $15m. New board appointments signal a strategic push towards growth.
Sheffield-based data firm Cirata has announced substantial progress in its quarterly performance, with an impressive $1.7 million in bookings despite ongoing challenges. CEO Stephen Kelly emphasised that the company is on an upward trajectory, working diligently to restore partner trust after the disruptions caused by WANdisco. Kelly stated, “We are making good progress, but this is not represented in the headline numbers.”
Cirata’s recent unaudited trading update highlighted several key achievements for the quarter ending September 30, including 16 new contract signings and the release of Live Data Migrator 2.6. The company maintained a robust cash position of $12.9 million. Despite the hurdles, the firm is optimistic about achieving its full-year bookings guidance of $13 million to $15 million, as laid out in their turnaround plan.
A significant development for Cirata was the amendment of the Original Equipment Manufacturer (OEM) sales agreement with IBM. This revision signifies a renewed commitment between both organisations. The remaining $1.7 million prepay has been retired ahead of schedule, pointing to a refreshed commercial alignment that is expected to bolster future pipeline development.
The strategic appointment of new board members, Amanda Jobbins and Eric Collins, marks another milestone in Cirata’s growth journey. Jobbins, with her role at Vodafone Business, and Collins, from Impact X Capital Partners, bring valuable experience and are poised to contribute significantly to Cirata’s ambitions for sustainable, high growth.
CEO Kelly expressed satisfaction with the progress in partner engagement during Q3. The firm’s “land and expand” strategy appears to be bearing initial fruit, with repeat purchase orders highlighted as an encouraging trend. Although not yet a consistent pattern, the increase in DI contracts suggests improving sales activities. The deals currently in the pipeline indicate alignment with customer timelines, reinforcing confidence in meeting fiscal year objectives.
Cirata’s journey of transformation shows promising signs, yet achieving targets remains a challenging endeavour.
