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Our Bureau

Expects joint revenue to touch Rs 50 cr this fiscal

Hyderabad May 28 Cambridge Technology Enterprises Ltd (CTEL) has acquired ComCreation Inc, a Dallas-based technology company with operations in Bangalore for $3.5 million (about Rs 14 crore) and plans to expand its operations based in Hyderabad.

The Chief Executive Officer of CTEL, Mr Bhaskar Panigrahi, said, "This acquisition will enable the company to cross sell services and enhance the revenue significantly. Together, we expect to touch revenues of Rs 50 crore during the current fiscal."

Last year, while CTEL recorded total revenues of Rs 24 crore, ComCreation accounted for Rs 18 crore in revenues. Together, CTEL now has 220 employees and plans to enhance this to about 400 by the end of this fiscal.

Speaking to Business Line, Mr Panigrahi said, "Since the launch of company IPO in February 2007, wherein Rs 24 crore was raised, this is the first acquisition. We had hinted at investment of about Rs 15 crore in acquisition at the time of the IPO and are on course to expanding our services offerings."

While the company recently added healthcare vertical through a strategic alliance, this acquisition would help add hi-tech services business to the company portfolio of life sciences, banking and financial services, and insurance verticals.

More centres

CTEL operates out of MIT Cambridge campus in the US, where it has a centre of excellence supported by development centres in Hyderabad and Pune.

More Stories on : Mergers & Acquisitions | Software

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