Cambridge Technology Enterprises Limited reports Q1FY20 results
Bengaluru, 12 August 2019: Cambridge Technology (NSE: CTE; BSE: 532801), a leading global technology company focused on Artificial Intelligence as a Service (AIaaS) to transform organizations into AI-first leaders, announced its unaudited financial results for the quarter ended June 30, 2019.
The year 2018 has been the year of AI, 2019 will be a watershed moment
AI platforms are transforming every product and service into a connected smart product and service. With these developments, businesses have started utilizing the data they have; to generate new revenue streams. Consequently, with businesses generating revenue from their own data, we will see a shift in the focus from strategy for AI to a strategy driven by AI through which companies look for a real business impact.
The convergence of Big Data and Cloud powered by AI and ML is transforming businesses faster than ever. The following industry developments reinforce this belief:
- Increasing adoption of cloud strategies in organisations worldwide. Gartner has estimated that the cloud services industry is expected to grow exponentially through 2022 which makes it evident that the industry has done the fundamental exercise of gathering and storing data.
|All figures are in USD billions||2018||2019||2020||2021||2022|
|Cloud Business Process Services (BPaaS)||45.8||49.3||53.1||57.0||61.1|
|Cloud Application Infrastructure Services (PaaS)||15.6||19.0||23.0||27.5||31.8|
|Cloud Application Services (SaaS)||80.0||94.8||110.5||126.7||143.7|
|Cloud Management and Security Services||10.5||12.2||14.1||16.0||17.9|
|Cloud System Infrastructure Services (IaaS)||30.5||38.9||49.1||61.9||76.6|
Source: Gartner April 2019
- The share of jobs requiring AI skills has risen by more than 4 times since 2013.
- Machine Learning, Deep Learning and Natural Language Processing are the three most in-demand skills on Monster.com.
- As per CB Insights Research, over 1100 AI companies have raised equity financing for the first time since 2016.
- According to Stanford University’s AI Index 2017 Report, the number of Computer Science academic papers published and tagged with the term “Artificial Intelligence” has risen by more than 9 times since 1996.
In FY20, Cambridge Technology company will focus on growth
FY20 is the year in which Cambridge Technology (CT) will focus on growth and profitability. The company is confident of staying innovative amid the fastest pace of transformation with its strong focus on delivery and AI. It aims to consolidate innovation, skills and delivery for best customer value.
The trade of your company is to stop focusing on one stop bespoke service contracts and focus more on long term predictable value driven contracts which are based on proprietary intellectual IP. The company is building its SaaS based long term revenue model using building reusable, scalable blocks of technology.
Aashish Kalra, Chairman, Cambridge Technology:
“The client eco system is changing at a rapid pace. The good part is all clients are looking at investing in technology to approach the future with an edge to take advantage of AI to re-invent and innovate. Over the last few years, we were focused on building the right capacity and capability to partner with clients and drive value to them. For instance, we are differentiated from more than 10,000 AWS partners globally by achieving competencies in Big Data, DevOps, Oracle and Managed Services Provider.
We are excited to enter into our next phase of growth. Our trained employees, deep delivery capabilities, technological expertise, client interests demonstrated by exciting new projects and opportunities show us the path we need to take. With a strong foundation on delivery and AI, we are in a positive light to deliver growth.”
|CAMBRIDGE TECHNOLOGY AUDITED CONSOLIDATED FINANCIAL RESULTS:
|PAT Margin (%)||10.0%||11.4%|
About Cambridge Technology (CT)
CT is a leading global technology company transforming organizations into “AI-first” leaders. CT gives organizations unparalleled access to cutting-edge technology by bringing together the best-in-industry using its years of expertise in building solutions for some of the world’s largest and most innovative enterprises; leveraging Big Data, Cloud & Machine Learning experience. CT’s expertise across multiple domains makes it the preferred choice for organizations seeking a partner to innovate and leapfrog the market. CT is appraised at Maturity Level 5 for CMMI v1.3 for its services with ISO 20000-1:2011, ISO 27001:2013 certifications. For more information, visit www.ctepl.com or follow us on Twitter @cam_technology or LinkedIn at https://www.linkedin.com/company/cam_technology
Forward-looking and Cautionary Statements
Certain statements in this press release may contain statements concerning our future growth prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this press release. The Company assumes no obligation to update any forward-looking information contained in this press release. Any forward-looking statements and projections made by third parties included in this press release are not adopted by the Company and the Company is not responsible for such third party statements and projections.