Cirata, formerly known as WANdisco, reaffirms its fiscal year 2024 booking forecast amidst steady third-quarter results.
- The company reported comparable results to previous quarters, with Q3 bookings at $1.7 million.
- A significant contract renewal with a global insurer valued at over $980,000 was highlighted.
- Sixteen new contracts have been signed, focusing on data integration, as strategic changes bolster the board.
- Cirata expresses optimism about sales and pipeline growth through its Go-To-Market strategy.
Cirata, previously identified as WANdisco, has confirmed its fiscal year 2024 guidance in the range of $13 to $15 million in bookings. This decision comes despite the backdrop of a challenging period characterised by financial uncertainties. The company emphasised its steady third-quarter performance, reporting $1.7 million in bookings, a figure that mirrors its performance in both the second quarter of 2024 and the third quarter of 2023.
In its latest trading update, Cirata noted a substantial contract renewal with a major global insurer, with the deal valued at over $980,000. This renewal exemplifies the firm’s focus on enhancing its client relationships and underscores its capability to secure high-value contracts.
Further supporting its strategic goals, Cirata has successfully signed sixteen new contracts, predominantly concentrating on data integration. These advancements are complemented by strategic board enhancements, including the introduction of two new Non-Executive Directors, which are expected to provide additional expertise and steer the firm toward achieving its financial targets.
CEO Stephen Kelly shared insights on Cirata’s current trajectory, indicating constructive engagement with partners and a promising increase in joint leads. He reinforced the effectiveness of the ‘land & expand’ strategy, where initial engagements with clients lead to multiple purchase orders as projects advance successfully.
However, Kelly acknowledged that the progress being made is not fully represented in the headline figures. The company’s shares remained stable at 28.95p, a significant decline from the peak of 1310p prior to the financial challenges faced in 2023. This stability marks a step towards recovery and reflects cautious optimism in the company’s ongoing transformation efforts.
Cirata’s reaffirmed fiscal projections and strategic developments signify a cautiously optimistic outlook for its future performance.
