| Cambridge, MA - 28 May
2007: 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:
a. Addition of Hi-Tech vertical
b. Increase our current fiscal year revenue (April 07 – March 08)
by $5M (INR 20 Crores)
c. 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.
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