Cambridge Technology Enterprises Ltd (CTE), a global IT services provider and provider of SOA based solutions and Enterprise Transformation applications to mid-size enterprises and mid-sized divisions of Global 2000 enterprises, has terminated the definitive agreement it had entered into September last year with Protégé Software Services.
Protégé is a provider of professional services and solutions for enterprises utilizing Oracle’s suite of products and technologies, to consummate acquisition.
The decision was taken mutually mainly because of adverse market condition. The approval is pending from Foreign Investment Promotion Board (FIPB-Unit), New Delhi to acquire 100 per cent shares of the said company.
As per the terms of the Share Purchase Agreement, the closing formalities could not be completed on or before the stipulated time frame, that is, before January 15, 2009.
Hence, both the parties have now decided to mutually terminate the said agreement in view of the prevailing adverse market conditions and the same was duly approved in the board meeting of the company held on January 20, 2009, the company said in a BSE filing.
Further, the Company has informed that the proposed preferential allotment of shares to the Shareholders of Protege Software Services Inc., USA as part of the purchase consideration has also been canceled. Hence, no action is being initiated by the company towards issue of equity shares on preferential basis.
Headquartered in Woburn, Massachusetts, Protégé is an Oracle Certified Partner and authorized reseller of Oracle Applications. The company’s specialized services are focused on Oracle E-Business Suite, Oracle Fusion Middleware, Oracle Database technologies, Oracle CRM On-Demand and support to small and medium businesses.