Hyderabad-based Cambridge Technology Enterprises (CTE)—an IT services and service-oriented architecture-based solutions provider—board approved the acquisition of US-based Protege Software Services.
The company in a statement to the Bombay Stock Exchange (BSE) said that Protege is a provider of Professional Services and Solutions for Oracle Application products and Technologies.
The company has been on an acquisition spree lately. In FY08 the company acquired five firms the largest being the US-based CellExchange for $15 million (around Rs 60 crore). CTE had acquired ComCreation Inc in first quarter of FY08, Reilly & Associates in second quarter and Q-Soft Systems and Solutions in third quarter.
Protege Software Services will be the first acquisition by CTE for the financial year 2009.
CTE, reported a year-on-year growth of 206.85 per cent in its net profit for the first quarter ended June 30, 2008 to Rs 5.37 crore, as compared with Rs 1.75 crore in the corresponding quarter last year. Revenues for the quarter stood at Rs 47.48 crore, as against Rs 10.08 crore last year.
