2
October 2024
Cirata plc
("Cirata" or the
"Company")
Amendment of OEM sales
partnership with IBM
Cirata plc (LSE: CRTA) is pleased to
announce that it has amended its Original Equipment Manufacturer
("OEM") sales agreement with IBM.
Under the revised agreement, IBM
intends to sell Cirata's Live Data Migrator ("LDM") as the solution
that will allow its customers to migrate data at petabyte scale
with a variety of features to meet any data transfer use case,
without any risk of data loss.
The revised agreement signifies the
commitment by both organizations to this partnership and as part of
this commitment the remaining $1.7m of the prepay has been retired
early. This means that future bookings will no longer be drawn down
against this prepaid balance, ensuring a fresh commercial alignment
between both parties that will help both pipeline development and
conversion. The amendment auto-renews on a 12-monthly basis subject
to both parties' agreement.
This announcement represents a
strategic extension to the existing OEM agreement to integrate
Cirata's LDM technology inside IBM's Big Replicate solution.
Cirata's LDM technology allows Big Replicate customers to use a
multi-cloud solution, therefore, avoiding vendor lock-in following
cloud migration.
Stephen Kelly, CEO of Cirata said:
"A
key foundation of our GTM strategy is to engage proactively and
commercially with our strategic partners. We see IBM as the first
strategic partner platform to accelerate growth and support
customer innovation with the power of Generative AI, where IBM
watsonx is a leader. Resetting relationships with our valued
partners is another building block for the Company to drive a
culture of growth, innovation, and deep partnerships with global
market leaders".
This announcement contains inside information under the UK
Market Abuse Regulation. The person responsible for arranging the
release of this announcement on behalf of Cirata plc is Larry
Webster, Company Secretary.
For
further information, please contact:
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Cirata
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+1
(925) 380 1728
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Stephen Kelly, Chief Executive
Officer
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Ricardo Moura, Chief Financial
Officer
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Daniel Hayes, Investor
Relations
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FTI
Consulting
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+44
(0)20 3727 1137
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Matt Dixon / Kwaku Aning / Usama
Ali
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Stifel (Nomad and Joint
Broker)
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+44
(0)20 7710 7600
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Fred Walsh / Ben Good / Sarah
Wong
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Panmure Liberum (Joint
Broker)
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+44
(0)20 3100 2000
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Max Jones / John More
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About Cirata
Cirata, accelerates data-driven
revenue growth by automating data transfer and integration to
modern cloud analytics and AI platforms without downtime or
disruption. With Cirata, data leaders can leverage the power of AI
and analytics across their entire enterprise data estate to freely
choose analytics technologies, avoid vendor, platform, or cloud
lock-in while making AI and analytics faster, cheaper, and more
flexible. Cirata's portfolio of products and technology solutions
make strategic adoption of modern data analytics efficient and
automated. For more information about Cirata,
visit www.cirata.com