Cirata, the new identity of embattled Sheffield data firm WANdisco, is targeting cash flow breakeven at the end of the 2024 financial year.
The name change and renewed optimism follows a fraud scandal that led to the near-collapse of the data company.
The firm has reported sequential growth in bookings from Q2 to Q4 in 2023 for both data integration and application lifecycle management segments.
For the quarter ended December 31, 2023, Cirata said it had a closing cash balance of $18.2m, higher than the guidance range of $16m to $16.5m.
The data software business expects to confirm bookings of $2.7m, up from $2.2m YoY.
Former Sage Group CEO and ex-Tech Nation chair Stephen Kelly has been parachuted in to steady the ship since the company’s shares were suspended from AIM in the wake of the scandal last July.
Since then the company has closed eight data integration contracts including General Motors, NatWest and Experian.
Under Kelly, Cirata has also restructured to a flatter management hierarchy. Cirata made three chief revenue officer appointments to oversee separate divisions, with each reporting in directly to Kelly.
Kelly described the 2023 financial year as “eventful” and said it required a “herculean effort to rebuild from the ground up.”
He added: “Against all odds, the turnaround is well underway. Our Q3 and our Q4 reflect the first steps of a company coming back ‘off the canvas’.”
Cirata will publish preliminary full-year results between mid-March and mid-April.
