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Cirata Sees Revenue Growth and Cost Reduction Under New Leadership

Strategic Insights

— 1 min read

Cirata, formerly known as WANdisco, has made significant progress under the leadership of Stephen Kelly, who took over as CEO in May 2023. The company has reported revenue growth, a reduction in cash overheads, and a decline in total losses. The results for the first six months of the year showed revenue up to $4.8m from $3.4m at the same point last year, with bookings also up to $3.8m compared to a previous $2.4m.

Key Takeaways:

  • Cirata has reported a 58% year-on-year increase in bookings in the first half of FY25, with data integration sales increasing by 210%.
  • The company has reduced its annualized cash overheads by over 70% from peak levels two years ago, with costs expected to be in the range of $12m to $13m by the end of the third quarter.
  • Cirata's total losses fell from $9.6m to $4.6m for the most recent period, while cash overheads reduced from $11.8m to $8.5m.
  • The company has successfully cut costs, with Mr Kelly stating that "we have taken decisive actions to align our cost base with our growth strategy."
  • The top priority for Cirata is improving its "go to market" efforts, with a new Chief Revenue Officer Dominic Arcari in place.
  • The company is looking to capitalize on the growing demand for Gen AI and advanced analytics, with Cirata at the heart of the trend.

Statistics:

  • Revenue: $4.8m (up from $3.4m in the same period last year)
  • Bookings: $3.8m (up from $2.4m in the same period last year)
  • Cash overheads: £8.5m (down from £11.8m)
  • Total losses: $4.6m (down from $9.6m)
  • Annualized cash overheads: expected to be in the range of $12m to $13m by the end of the third quarter
  • Peak cash overheads: over 70% lower than two years ago
  • Data integration sales: 210% year-on-year increase

Sources:

  • Chris Burn Sheffield (article author)
  • Chris Burn Sheffield (video update from Stephen Kelly, CEO of Cirata)
  • Cirata's published results for the first six months of this year
  • Cirata's written statement accompanying the results
  • Dominic Arcari's bio and role as Chief Revenue Officer at Cirata

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