Actuate is one of the worst performing companies in the entire software industry. Competitors are growing at 20 - 25% (2X Actuate), margins are about 50% of competitors and the stock is down 35% over the past 6 years.
I have a hard time agreeing with Cittadini that the business stratgy is working. Seems to me that when a company loses market share and valuation, the business strategy is clearly not working. Also seems to me that their Board is not working if they keep Cittadini in the job.
I am thinking the same thing. He has to be in trouble. In analysts presentation in Dec. he stated that business was great and he saw no down-turn as the projects they were working on are absolutely critical to their customers.
It like he was completely bindsided by orders not closing at the end of Dec. He even bought shares.
The IBM relationship is not good as they are focused on Cognos and this is hurting Actuate.