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Our Bureau

Hyderabad, Sept. 8 The board of Cambridge Technology Enterprises Ltd (CTEL) has approved the acquisition of Protégé Software Services Inc.

In a communication to the Bombay Stock Exchange, the company said the US firm is a provider of professional services and solutions for Oracle Application products and technologies.

While the acquisition is subject to the approval of shareholders and regulatory clearances, the company refrained from disclosing the overall deal size and value citing regulatory and non-disclosure agreement.

The acquisition is expected to strengthen Cambridge Technology’s enterprise solutions segment. The board’s nod came at its meeting on September 5.

When contacted, Mr Ramesh Reddy, Chief Financial Officer of the company, told Business Line that the acquisition involves both cash and stock.

“The company will convene a meeting of the shareholders soon for their approval. We expect the entire process will take about six to eight weeks,” Mr Reddy said.

CTEL acquired four companies since it went public.

More Stories on : Mergers & Acquisitions | Software

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