CTE Press Releases

Cambridge Technology Enterprises Limited (CTE) among top three at Emerging India Awards ’08 in the ICE/ITeS* category

Hyderabad, July 09, 2008: Cambridge Technology Enterprises Limited (CTE), a global IT services provider a leading provider of SOA based solutions and Enterprise Transformation applications to mid size enterprises and mid size business units of Global 2000 enterprises, today announced that has been awarded as the second runner-up in ICE/ITeS segment at the coveted Emerging India Awards 2008, organized by CNBC TV18 and ICICI Bank.

The Emerging India Awards, running in its successive fourth year was launched jointly by CNBC – TV18 and ICICI Bank to recognize the most sustainable value creators among small and medium enterprises in the country. Emerging India award has been one of the biggest and the best initiative for Small and Medium Enterprises Sector. Reportedly it received more than 300,000 nominations across 17 categories this year. 'Emerging India Awards 2008' creates a global mark with its theme 'Think Global Go Global' by facilitating Indian SMEs who are not just leaders in the domestic market, but are world beaters.

The Emerging India Awards 2008 were announced in a sparkling ceremony yesterday in London. Cambridge Technology Enterprises limited (CTE) was adjudged the second runner-up in the category – ICE*, IT and ITES. The award ceremony was graced by stalwarts like Rt. Hon John Hutton MP, Secretary of State for Business, Enterprise and Regulatory Reform and Mr Kamal Nath, Minister of Commerce & Industry, Government of India, and Mr Lakshmi Mittal Chairman and CEO, Mittal Steel.

Year 2007-08 has been a very remarkable year for CTE wherein CTE witnessed 4 consecutive acquisitions one each in a quarter that catapulted CTE to the mid cap segment in the IT industry, complimenting its existing business model. CTE posted a robust 286 % growth in revenue and 206 % growth in profit year on year on an annualized basis. It started the year with customers in the US market and forayed into the India market by the end of the year.

“We are pleased to be among the top at the CNBC-TV18, ICICI Emerging India Awards “said Mr.Bhaskar Panigrahi, CEO and Chairman, Cambridge Technology Enterprises Limited. “ It is an honor to be recognized as a key industry player by CNBC and ICICI for a young company like us. This recognition clearly validates and reflects our continued endeavor to create value for our customers and our commitment to be the ‘Single stop shop IT solutions provider’ to the mid market enterprises”.

About Emerging India Awards
CNBC TV-18 and ICICI bank present The Emerging India Series, a pioneering initiative to promote and recognize the undying entrepreneurial spirit of our country. The Emerging India Awards are considered India’s biggest business awards. The event is being conducted for the 4th year in a row now. Powered with the capability of shaping the future of Indian SMEs, this is India's most definite platform for recognition and felicitation of Small and Medium Enterprises.

This award aims at recognizing the best sustainable value creators among small and medium enterprises in the country. The multi-stage evaluation and selection process is very rigorous and spread over three months. CRISIL (India’s leading ratings, research, risk and policy advisory company, www.crisil.com) was tasked with this responsibility and focused on striking an appropriate balance between quantitative and qualitative parameters. They evaluate business models, competitive strength, management quality and depth, past performances and future expectations.

---