City briefs: Fintel and Cirata
Huddersfield-based fintech and support services firm, Fintel, has reported further strategic process in a trading update published today.
The business notes it has completed four complementary acquisitions and investments since the start of the year, including the acquisitions of Synaptic Software, Owen James and ifaDASH, alongside investment in Mortgage Brain.
With an unaudited gross cash position of £10.6m as of 30 April 2024, net debt of £0.4m and £69m headroom within a £80m revolving credit facility, Fintel adds it remains well positioned to capitalise on organic growth opportunities and its strong M&A pipeline.
A spokesman for the company said: “The Board remains confident that Fintel’s strategy will deliver sustainable long-term growth, underpinned by positive market dynamics and structural growth drivers including evolving regulation, FCA Consumer Duty and demand for technology and data.”
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Big data business Cirata, formerly WANdisco, has confirmed that OPPO (GuangDong OPPO Mobile Telecommunications Corp Ltd) has renewed its existing maintenance and support contract for Cirata’s Git MultiSite for Gerrit product for a period of three years.
Sheffield-headquartered Cirata adds that the total contract value is $592,000/£465,631.
It explains this renewal continues OPPO’s use of Cirata software and services.
These enable world-wide distributed teams to work as one without worrying about the complexities of keeping repositories consistent and up-to-date while at the same time providing scalability to large numbers of repositories, users and sites.
