WANdisco rebrands as Cirata after 'traumatic' period overshadowed by alleged fraud

In March, WANdisco asked for its shares to be suspended after uncovering “potential fraudulent irregularities” in its reported sales and revenues.

In a shock trading update, it said bosses at the group had found that “significant, sophisticated and potentially fraudulent irregularities with regard to received purchase orders and related revenue and bookings, as represented by one senior sales employee, have been discovered”.

“These irregularities give rise to a potential material mis-statement of the company’s financial position,” it said.

In a statement issued as part of its interim results last month, WANdisco said: “As communicated with shareholders during the recent equity fundraise, the discovery of the irregularities had a significant impact on prospective customers, strategic partners, the pipeline and the overall business.

"Not only did the company suffer interruption to normal commercial activities, but a review of pipeline qualification was also a necessary step in the instigation of the turnaround plan to set a realistic baseline.

"The pipeline was appropriately cleansed and qualified, and management are confident that what remains is robust and of high quality.”

Last month, WANdisco said the first half of 2023 had been a traumatic time for shareholders and employees. It added: “The headcount was reduced from 193 in March 2023 and as of August 31 stands at 112.”

In a statement issued on Wednesday, WANdisco said it had rebranded as Cirata plc.

It added: “With Cirata as a new canvas, we are creating a sharper and more compelling vision for the company.

"The company's turnaround is quickly gaining momentum with a new leadership team; new and effective governance and control mechanisms; an energized group of talented professionals; and a focused go-to-market and growth strategy. The new name reflects our transformation.”

Stephen Kelly, the CEO, commented: "This is the time to focus our attention on the future.

"The rebranding of the company to Cirata is not just a name change, it is a new start for the company, and will positively impact every aspect of our business.

"We are excited to have this opportunity for Cirata to become a global market leader."