Member Info for Hastings74

@Pearls: First of all, I'm not contradicting myself. The IBM renewal with Bank of A. hasn't increased much in value.

We're talking about a multiyear deal here, not everything is coming in this FY. That means IBM doesn't spent much more money on Cirata.

The renewal just happened to come in in Q1, so the numbers looked better in comparison, the revenue is split over the contract length.

Can someone name a customer where they really expanded their footprint significantly? Tesco maybe a tiny bit....

Use a bit of AI, find the orginal announcement on Linked and do the math.

Again: Renewals are good, Cirata has a rocksolid tech for some use cases, but look at the growth rates of other companies in that space.

Hi Pearls,

at least I do understand the land and expand strategy, but it is just not happening at Cirata.

The IBM partnership was first announced in 2016, IBM even whitelabeled some of Wandisco's products (Big replicate).

https://www.lse.co.uk/rns/update-on-wandisco-oem-sales-partnership-with-ibm-gr57e147n6z24nu.html

Name one customer where we've seen a decent increase in the last two years.

The UAE thing could be something for the future, but you that others charge that amount just for POC.

Returning customer make a business successful.

True.

Don't forget, even if all the Wandisco/Cirata customers would renew the company would still loose money big time.

In our case, we need new customer to keep the company afloat.

Everybody else in the market is growing, let's see what the update brings.

At least I never said that renewals aren't good, but Cirata needs new customer.

If you remove the renewals there is almost nothing left, that is concerning.

I fear if they have to announce renewals again, that there is not much else...

Good that Scotia Bank sticks with them.

I do think SK is a decent guy compared to David Richards, to be fair compared to David Richards almost anyone is.

I think Cirata is just not his turf and he trusted the wrong people, never understood why he kept the UK based CRO so long.

I don't much hope that Q2 brought us big new contracts.

Guys, this is all theory.

We've been there before. Unless they close more significant business, nothing will change.

Hope isn't a strategy.

I know some guys working for Cirata and my line of work has some touch points with the cloud business.

If you see 'open to work badges' on Cirata employee's profiles or anouncements that somebody is moving on, you know what is going on.

That's about it.

@jgjam:

Linkedin plus a bit of Gemini gives you a good overview of what's going. They do have a more junior (much) legal counsel based in Belfast.

Kinda contradicts the narrative that US will be a focus, but who knows.

Hm, is that still the policy that they' will juts put out an RNS for significant 'deals'?

If so, there was nothing so far this quarter. The long term egal counsel left Cirata as well...

Please Spratt don't tell us that he was just dead wood.

First of all he isn't and second even he was SK should have gotten rid of all the 'underperformers' at least one and half years ago. Maybe not much work for him to do, no new contracts, just termination agreements.

Apologies for rudeness, but too much unjustified positivity just needs counterweight.

Looks like they are laying off more tech people.

I just wonder how they want to scale sales without tech ressources and they are far from having a partner ecosystem that runs smoothly.

@Pearls

Where do you get your information from?

I agree, a land and expand strategy might work well for Cirata, but that hasn't happened so far.

Instead renewals get announced as new deals (Bank of A, Tesco), to be fair there might be a tiny part of expansion in it, real tiny.

Cirata is on a roll? Are you kidding me?

Again, no (significant) net new customer so far.

I could easily name 10 companies in the data migration space that make more money in a quarter in FY24 than Cirate has done in the whole year.

Considering that the big three or four cloud provides have their own tool set and those are getting better and better.

There is simply no USP for Cirata anymore. Period.

In a smaller setting the Hadoop to cloud thing might work, but not with an expensive BOD and an even more expensive CEO.

Sk is now looking after the US? Come on, as if Chris Cochran couldn't handle that.

Did SK negotiate the renewals himself? That's normally not even covered by the sales team.

As you said this is a fast growing business, but Cirata is not really growing, while everybody else in that space is.

Up2Spratt might call me green coffin or whatever, but I know a thing or two about cloud technologies.

Happy to be proven wrong, but as of now, my predictions have been more accurate that Up2Spratts...

Yes Pearls, I said the same before and after the Q1 results were released.

Without the renewal Q1 would have been catastrophic.

Look at the SP, still under 30p.

Cirata needs net new customers.

It might feel like a déjà vu, but as a matter of fact it's just because nothing at Cirata has really changed. Not true, bringing the cash burn down is a good thing, hiring NED for lots of money probably mot so much (haven't seen much impact from the last ones...).

2 weeks to go in Q2 and still no deals worth an RNS.

The likelyhood of deal slippage increases drastically if everythng is supposed to come in at the end of the quarter.

Bad sales management if you ask someone within the industry.

Cirata moves data, that's it.

Yes data fuels AI, but if they can't sign up any decetn net new customer, that should us that it's more a dream

some of us are chasing.

I now that everything is AI right now, even the bodyshop around the corner, but let's be a little bit more realistic.

And an expensive one I might add...

Well put.

Oh yeah, so exciting 32p :-)

Just one month to go in Q2, now news yet whatsoever.

Just asking for a bit of transparency, but I fear saleswise there is not much going on...

Maybe someone found the lost millions from Q4/24.

@Pearls

I admire your positivity, I just don't see it happening. We need some new customers, renewals won't do the trick.

If IBM (or others) would really see such a big demand for Cirata's tech, they would have bought the company by now.

If Cirata's offering was so unique, we would simply see more sales.

At least the Bank of A renewal was an US deal.

We're below 30 again, why did they SP even go up?

Just hope or wishfuö thinking?