WANdisco PLC on Wednesday confirmed that it has rebranded as Cirata PLC, as it endeavours towards a new start for the Sheffield, England-based data analysis platform.

It is expected that the company’s shares will begin trading under the ticker CRTA from Thursday.

‘The rebranding of the company does not alter the company’s business operations or financial framework,’ WANdisco said.

It added that it thinks the time is right to renamed, as ‘part of a broad and extensive rebranding program. ’

‘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,’ the company said.

Chief Executive Stephen Kelly added: ‘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.’

It has been a difficult year for the company.

In September, WANdisco said its pretax loss widened to $22.5 million in the six months that ended June 30 from $7.0 million a year before. Revenue dropped to $3.0 million from $5.8 million.

Following the discovery in March of ‘significant, sophisticated and potentially fraudulent irregularities’ involving one senior sales employee, WANdisco said its sales pipeline has been ‘cleansed and qualified’ and what remains is ‘robust and of high quality’.

But it admitted that the scandal was a ‘traumatic time for shareholders and employees’ and had a ‘significant impact’ on prospective customers and partners. Therefore, its sales pipeline is in the ‘early stages of a rebuild’.

Its shares were down 0.6% to 62.63 pence each in London on Wednesday morning.

Copyright 2023 Alliance News Ltd. All Rights Reserved.