|
Cirata PLC on Tuesday said bookings in the second quarter dropped sharply year-on-year, though its core data integration business continued to grow. The company also announced the sale of its DevOps assets to BlueOptima Ltd for up to $3.5 million, as it sharpens focus on its core platform. Shares in the Jersey-based software solutions provider were down 22% to 22.50 pence in London on Tuesday afternoon. The company said total bookings for the three months to June fell 53% to $800,000 from $1.7 million a year earlier. However, bookings in its data integration business rose 17% to $700,000 from $600,000 accounting for 95% of the total value. First-half data integration bookings were up threefold to $3.1 million, helping offset a slower-than-expected second quarter. Cirata left its full-year outlook unchanged, saying it expects bookings to be back-end weighted. The company said it has signed a deal to divest its DevOps products to BlueOptima, a UK-based software engineering analytics provider. The deal is worth up to $3.5 million, with $2.5 million payable on closing, expected on or around August 8, and the remainder conditional on customer migration by year-end. Cirata said the sale will strengthen its balance sheet and reinforce its focus on high-growth areas, particularly its Live Data Migrator product and enterprise cloud data orchestration strategy. Chief Executive Stephen Kelly said execution in North America underperformed in the quarter but international progress had improved. Cirata appointed a new chief revenue officer, Dominic Arcari, on July 1 to address sales performance. Cash burn in the quarter was cut to $2.2 million from $4.2 million a year before. As of June 30, Cirata had $6.1 million in cash and $1.3 million in short-term receivables. It aims to reduce its annualised overheads to $12 million to $13 million by the end of the third quarter. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
