Cambridge, Massachusetts, United States
Cambridge Technology Enterprises, a leading provider of SOA based solutions and Enterprise Transformation applications to mid size enterprises and mid size divisions of Global 2000 enterprises, announced the acquisition of ComCreation, Inc., a privately held company based in Dallas, Texas, U.S.A, and has its global delivery centre in Bangalore, India for $3.5M(approximately INR 14 Crores).This acquisition provides CTE an excellent opportunity to leverage expertise of ComCreation to further strengthen its SOA competency center and help all their customers in providing SOA based stable, predictable, manageable and secure business/strategic solutions in a highly distributed/dynamically changing business environment.
ComCreation, an ISO 9001:2000 certified company, is a leading provider of outsourced product development services to Independent Software Vendors. It offers services in Mobile Practice, Life Science Practice, Testing and Managed Services. The company has been growing rapidly at more than 100% Y on Y.
In addition to bringing product development, managed services expertise to CTE, the acquisition reinforces CTE's brand in the extremely competitive IT services domain by enhancing its modular outsourcing infrastructure, team strength and additional global delivery centers in Bangalore.
The acquisition would add many strategic and valuable advantages to our portfolio of technology and services including:
-- Addition of Hi-Tech vertical
-- Increase our current fiscal year revenue (April 07 - March 08) by $5M (INR 20 Crores)
-- Bangalore based Global Delivery Centers
Bhaskar Panigrahi, CEO Cambridge Technology Enterprises quoted "ComCreation acquisition would double our headcount, strengthen our SOA service offering, solidify our presence globally, add new verticals and enhance our customer base. The combined company would make us closer to our vision to be Go To IT partner in the "Midsize IT Services Domain."
Thomas John, CEO ComCreation said "I look forward to this relationship bringing tremendous Synergy and benefits to both the organizations. ComCreation and CTE have been growing exponentially year-on-year. The combined company expects to grow even more rapidly leveraging on cross selling opportunities, a strong & committed management team and tremendous financials resources that CTEL bring to our relationship. We would be a bigger player in our target markets and also increase presence in new verticals".
About ComCreation:
Founded in 2000, a leading provider of outsourced product development & testing centers for Independent Software Vendors (ISV's) with a vision to help the clients as a trusted partner. ComCreation is a Delaware Corporation, with its corporate offices in Dallas, TX & multiple Global delivery centers in Bangalore, India with a capacity of 120+ employees. ComCreation sets-up and runs Dedicated Software Delivery Units for customers that deliver from new product development, re-engineering, migration, maintenance, implementation and testing. They help their ISV clients focus on their industry competency & customers by leveraging team of experts & global infrastructure enabling ISVs to deliver software products to their customers rapidly and in a cost effective manner. They have seen a tremendous growth in the last few years and have more than 100 % year on year growth.
For more information, please visit www.comcreation.com
About Cambridge Technology Enterprises:
Cambridge Technology Enterprises (CTE), a thought leader, innovator, and a leading provider of comprehensive Service Oriented Architecture (SOA)-based solutions and services, has a focus on building and integrating Enterprise Transformation applications. CTE defines SOA innovation as the intersection of business insight and technological invention, and uses its business-process knowledge and its service offering expertise to identify new SOA business and technology trends and create revolutionary solutions. A CMMI Level 5 business innovator, CTE has a proven track record of On Time and On Budget delivery of high-quality Business Transformation Solutions that enable enterprises to add value through improved operational performance, increased revenues and profitability, gain in differentiating capabilities and visible competitive advantages.
For more information, please visit http://www.ctepl.com or e-mail us at info@ctepl.com
Disclaimer
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT, business process outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which CTE has made strategic investments, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.
Source: Cambridge Technology Enterprises Limited (Business Wire India)