REG - Cirata PLC - Amendment of OEM sales partnership with IBM

CirataAnnouncement

02/10/2024 15:30

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RNS Number : 7034G  Cirata PLC  02 October 2024

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:

 

 Cirata                                  +1 (925) 380 1728
 Stephen Kelly, Chief Executive Officer
 Ricardo Moura, Chief Financial Officer
 Daniel Hayes, Investor Relations

 FTI Consulting                          +44 (0)20 3727 1137
 Matt Dixon / Kwaku Aning / Usama Ali

 Stifel (Nomad and Joint Broker)         +44 (0)20 7710 7600
 Fred Walsh / Ben Good / Sarah Wong

 Panmure Liberum (Joint Broker)          +44 (0)20 3100 2000
 Max Jones / John More

 

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 (http://www.cirata.com)

 

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