Cirata boss hails 'pivotal year' as revenues increase and FCA probe closed
A tech firm which was renamed after a major fraud scandal says it has been through a “pivotal year” during which an FCA investigation into the matter closed with no further action being taken.
Sheffield and California-based data integration company WANdisco was renamed as Cirata in the wake of more than $100m of “false” sales bookings being uncovered in March 2023. An initial independent probe found the issues to have been caused by an unnamed single senior sales employee and last year it was announced an FCA investigation into the matter had been closed with no further action against the company.
Cirata has now published preliminary results for 2025 which note that the company had been carrying a contingent liability in regard to the FCA probe. It added: “However the investigation was concluded in 2025 with no adverse actions or penalties for the group. As at December 31, 2025 the group had no contingent liabilities.”
Stephen Kelly, who took over as chief executive from May 2023, said the company’s broader performance had been positive as revenue increased and losses were reduced.
He said: “FY25 was a pivotal year for Cirata. Twelve months ago, we signalled that FY25 would represent a transition from recovery to growth. That transition has now been delivered.”
Total revenue was up by 77 per cent to $13.6m (£10.3m), with an adjusted EBITDA loss of $3.8m – 74 per cent lower than the year before.
Mr Kelly said: “FY25 marks a decisive step forward for Cirata. We delivered the strongest Data Integration bookings since FY17, secured the largest direct and OEM contracts in the company's history and completed the divestment of our legacy DevOps business, leaving us strategically focused and operationally simplified.
“There are very few companies delivering strong YoY revenue growth of 77 per cent on a cost base which is less than a third of the historical peak approximately two years before. As I have said before, 'one swallow does not make a summer' and I know that we can do better with greater consistency. We keep our feet on the ground and focus on improving execution where I feel there is more to do.
“As we entered FY26, our focus is on building greater predictability and repeatability in execution, particularly new customer acquisition. We believe the strategic repositioning undertaken has created the foundations where the company has never been stronger to deliver growth towards market category leadership."
Shares in the company rose by nine per cent in early Tuesday trading following the update.