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Cambridge Tech to acquire German firm
2 December 2009: Hyderabad based Cambridge Technology Enterprises (CTE) has entered into a definitive agreement to acquire SmartShift GmbH, a provider of tools-based modernisation services for IT systems based out of Germany, for an undisclosed amount. The transaction is expected to close in the first half of 2010.
This acquisition positions CTE to take advantage of the fast-growing cloud services market, which according to IDC is expected to reach $44.2 billion (approx Rs 2,04,822.8 crore) worldwide by 2013. With this acquisition, CTE is venturing into the European Union market with a development centre in Germany and a number of marquee European reference accounts, the company said.
Source: Business Standard