Brings Confidence.3 Sep 2023 12:25
The company admitted to accepting “potentially fraudulent” sales orders that reduced its 2022 revenues from a reported $24 million to only $9.7 million. The new CEO, Stephen Kelly, called 2022 a “wasted year” for the company, which is something of an understatement for a company that had more than 90% of its value wiped out practically overnight.
Still, the company’s core product, which helps geographically dispersed data centres synchronise data instantaneously, remains a key asset and the new management are confident it still has a place in the market. “It’s time to focus our collective attention on the future and do everything we can to help drive the growth plan forward,” said Kelly in the company’s statement.
“Renaming and rebranding the Company is one step in that journey and we’re excited to build Cirata into a category leader”.