Signs of improving sales at big data business but targets remain demanding
Sheffield-headquartered big data firm, Cirata, says it believes it will continue to see improving levels of sales activity, as it issues an unaudited trading update for the quarter ended 30 September 2024.
Cirata reports bookings for its services in quarter three 2024 were worth $1.7m/£1.3m (Q3 2023: $1.7m/£1.3m), adding that a total of 16 new contracts were signed in the quarter.
The firm’s Board is retaining its FY24 bookings guidance of $13-$15m/£9.9m-£11.5m, explaining in the update that with strong and improved execution this target “remains achievable although demanding.”
Stephen Kelly, chief executive officer, said: “Our sales teams are engaging constructively with our partners as we see an improving ramp in joint leads.
“People familiar with enterprise software will know a small transaction can take as much work as a seven-figure contract.
“Cirata’s strategy include ‘land & expand’ which we are seeing early signs of bearing fruit with multiple purchase orders from the same customers as their projects deliver successfully.
“As I stated in the quarter two update, we are making good progress, but this is not represented in the headline numbers.”
The business notes establishing greater sales cycle predictability remains a key priority for management to enable the company to enhance growth potential.
Cirata, formerly known as WANdisco, has been working to rebuild its fortunes since it was rocked last year by the discovery of millions of pounds worth of false purchase orders made by one of its senior sales employees.
Its update today states: “As we stated in our turnaround plan, meaningful commercial partner engagement is a prerequisite for the company to build sustainable growth. The new management team has worked hard over the last several quarters to rebuild trust with our partners.”
