The Hindu Business Line : Cambridge Tech revenues rise as acquisitions help

Hyderabad, July 1 With four acquisitions in the last 12 months, Cambridge Technology Enterprises Ltd (CTE) has registered a significant jump in consolidated revenues to Rs 90.27 crore last fiscal from Rs 23.7 crore in 2006-07. The company pumped about $20 million into the acquisition of four firms (ComCreation, Q-Soft, Reilly &Associates and CellExchange) since going public in February 2007, wherein it raised Rs 24 crore.

More deals likely

The Chief Financial Officer of CTE, Mr Ramesh Reddy, told Business Line , “The company continues to scout for more acquisitions. Three of them are now being considered. We are at an advanced stage of evaluating them and likely to close the deals during the quarter.”

These acquisitions are in the range of $5-15 million, he said.

Consolidated results

Since the company results have been consolidated, and results of new companies too have been brought together, the comparison of the current quarter with last year does not hold good.

“We are now at a quarterly revenue rate of Rs 44.59 crore (last year same quarter Rs 5.89 crore) and expect to close this fiscal with Rs 178 crore ,” he explained.

RESTRUCTURE BENEFITS

“The company has taken up corporate wide restructuring of operations. We are in the process of integrating the companies acquaired ,” he said.

With the consolidation of all the companies, CTE now has 600 resources, 200 of them located at overseas centres and 400 in Hyderabad and Bangalore.

In a statement, the company management stated the operations had now reached higher level of stability and growth and the outlook remained positive for the next year despite the uncertainty in the business and economic scenario.

More Stories on : Software | Financial Performance | Mergers & Acquisitions

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Samkrg Pistons nets Rs 27 lakh in Q4

Ansal Properties net up 31.3%

Maytas Infra turnover doubles

Cambridge Tech revenues rise as acquisitions help

Citi India full-year net doubles

-->