Cambridge Technology Enterprises (CTE), a provider of service-oriented architecture (SOA)-based solutions and enterprise transformation applications, has acquired Bangalore-based managed services provider Q-Soft Systems & Solutions for about Rs 13 crore, in a cash and stock deal.
The acquisition will give CTE the capabilities to serve the Indian mid-size market segment, the key focus areas of Q-Soft, CTE sources said.
"India is a strategically-important market for CTE. Its business model is built on the foundation of customer intimacy and technology innovation. Q-Soft's strong relationship with their customers and technical competence will enable CTE to add excellent value and local support to existing and prospective customers. We can also take some of Q-Soft's offerings to global markets including North America," said Bhaskar Panigrahi, CEO, Cambridge Technology Enterprises.
Q-Soft, an Oracle-certified partner, will come into CTE's fold with a team of about 200 people, with customers like Spice Telecom, Hutch, Pidilite Industries, SBI and Jindal Steels. During fiscal 2006-07, Q-Soft's turnover was about Rs 10 crore.
This is the third acquisition by the Hyderabad-headquartered CTE which got listed on the Indian bourses in 2007. Last year, CTE had acquired Bangalore-based ComCreation for Rs 14 crore and US-based Reilly & Associates for about Rs 8.5 crore.
For the fiscal 2006-07, CTE had achieved a turnover of Rs 23 crore. The company has a headcount of about 300 people.