Amendment of OEM sales partnership with IBM
Source: RNS
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 |
+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 |
+44 (0)20 3727 1137 |
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Matt Dixon / Kwaku Aning / Usama Ali |
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Stifel (Nomad and Joint Broker) |
+44 (0)20 7710 7600 |
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Fred Walsh / Ben Good / Sarah Wong |
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Panmure Liberum (Joint Broker) |
+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
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