CTE to acquire CellExchange for $15-mn

CTE to acquire CellExchange for $15-mn

Acquisition adds government vertical and takes it closer to becoming a mid-sized player

Wednesday, June 18, 2008

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BANGALORE, INDIA: SOA-based solutions provider Cambridge Technology Enterprises (CTE) has completed the formalities regarding the acquisition of CellExchange Inc, a Massachusetts-based system integrator company, for $15 million in guaranteed cash and performance-based earn-outs.

This is the fourth and the largest acquisition in FY08, starting with ComCreation Inc in first quarter of FY08, Reilly & Associates in second quarter and Q-Soft Systems & Solutions in third quarter, a CTE statement said today.

The merits of the CellExchange transaction are effective from January 1 2008.

With this acquisition, CellExchange's revenue will see an additional Rs 90 crores in FY09 from the reported Rs 80 crore a year ago.

CTE said it has already clocked Rs 45.68 crores during first nine months of FY08 (as on 31-Dec-2007) against Rs 23.40 crores revenue for the entire FY07.

The acquisition is likely to boost CTE's revenue to approximately $40 million (Rs 160 crores) and also will increase its head count globally to over 600.

According to CTE CEO Bhaskar Panigrahi: "CellExchange's solutions and competency complement our existing service offerings and will enable us to serve our customers on a more comprehensive level. This would also allow better resource utilization and improving profitability of the combined company."
©CyberMedia News

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