In a steadfast move, Cirata reaffirms its FY2024 guidance, targeting $13-$15 million, despite past troubles as WANdisco.
- The company’s Q3 bookings reached $1.7 million, mirroring results from previous quarters.
- A major contract renewal with a global insurer and 16 new deals highlight Cirata’s focus on Data Integration.
- Strategic board changes aim to enhance Cirata’s growth trajectory and sales outlook.
- CEO Stephen Kelly emphasises progress, despite challenges not reflected in headline figures.
In a steadfast display of confidence, Cirata, once known as WANdisco, maintains its fiscal year 2024 forecast of $13-$15 million in bookings. Despite a tumultuous past, the firm reports steady progress with Q3 bookings totalling $1.7 million, effectively matching performances from Q2 2024 and Q3 2023. This consistent achievement demonstrates Cirata’s resilience and strategic determination.
The company’s latest update reveals a significant renewal with a global insurer valued at over $980,000, coupled with the acquisition of 16 new contracts. These results underscore Cirata’s strategic emphasis on enhancing its Data Integration capabilities, a sector where the organisation sees substantial room for growth. Such developments are indicative of a promising upward trajectory.
Recent strategic enhancements at the board level, with the inclusion of two new Non-Executive Directors, signify Cirata’s commitment to strengthening its leadership framework. These changes are aligned with an optimistic outlook regarding the company’s sales and pipeline expansion as it advances its Go-To-Market strategy.
Stephen Kelly, Cirata’s CEO, articulates a clear vision for the future, highlighting that the company’s sales teams are effectively engaging with partners, resulting in an increased volume of collaborative leads. Kelly illustrates, ‘Our sales teams are engaging constructively with our partners as we see an improving ramp in joint leads.’ Such engagement is fundamental as Cirata continues to deploy its ‘land & expand’ strategy, with several successful purchase orders reinforcing this approach.
Nevertheless, the company is cautious about its financial indicators. Kelly acknowledges that while substantial progress has been made, these advancements are yet to be fully mirrored in the financial headlines. He notes, ‘As I stated in the quarter two update, we are making good progress, but this is not represented in the headline numbers.’ The company’s share price is steady at 28.95p, falling short of the pre-2023 highs, reflecting past challenges.
Cirata’s ongoing strategic efforts and stable performance signify a path towards recovery and growth.