Press release from Business Wire India
Source: Cambridge Technology Enterprises Ltd
Monday, November 30, 2009 11:11 AM IST (05:41 AM GMT)
Editors: Business: Advertising, PR & marketing, Business services, Financial Analyst, Information technology; Technology
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Cambridge Technology Enterprises Ltd to Acquire smartShift GmbH
Acquisition to Add Patented IP to Automate Cloud Migration
Hyderabad, Andhra Pradesh, India and Mannheim, Germany, Monday, November 30, 2009 -- (Business Wire India) -- Cambridge Technology Enterprises (CTE) today announced that it has entered into a definitive agreement to acquire smartShift GmbH (smartShift), a global leader in tools-based modernization services for complex IT systems. The acquisition is subject to the approval of shareholders of the company and necessary regulatory clearance. The transaction is expected to close in the first half of 2010.
Founded in 2002 with its headquarters in Mannheim, Germany, smartShift is the global leader in tools-based modernization services for complex IT systems. smartShift's proprietary and patented technologies automate the migration of applications such as SAP, Oracle, legacy, etc.. The automation enables smartShift to complete projects faster, with higher quality and at substantially lower cost than competing solutions.
This acquisition uniquely positions CTE to take advantage of the fast growing cloud services market, which according to IDC is expected to reach $44.2 billion worldwide by 2013. With this acquisition, CTE is entering into EU market with a development center in Germany and a number of marquee European reference accounts.
CTE is expanding smartShift's IP to automate the process of cloud-enabling applications. "With the smartShift acquisition, we are expanding our capabilities to help our clients accelerate their migration to the cloud." said, Bhaskar Panigrahi, CEO of CTE. "We will also leverage our remote management service capabilities to manage applications in the cloud thus providing an end- to- end solution to our clients."
"smartShift has been focused on automating complex migration problems." said Stefan Hetges, CEO of smartShift. "We are excited about joining forces with CTE and applying our deep expertise to migration of applications to the cloud."
About smartShift
smartShift is the leading provider of solutions for tool-based modernization of complex IT systems. Using smartTools, smartShift's migration platform, and proprietary methodology, smartShift automates the migration process for a broad array of technology stacks including SAP, Oracle and legacy applications. smartShift customers are major global organizations such as Deutsche Bank, Bertelsmann, Kimberly-Clark, Mercedes-Benz, CommerzBank and Northrop Grumman. smartShift's software and services are distributed through its direct sales force as well as major global IT service providers. For more information, please visit www.smartShift-group.com
About Cambridge Technology Enterprises
CTE is a global business and technology services company. Recognized as a thought leader and innovator of enterprise modernization services, CTE solutions improve business performance and provide clients with a compelling competitive advantage. CTE services include IT Modernization, Application and Infrastructure Managed Services and Business Process Outsourcing. CTE customers are major global commercial and government organizations such as Vodafone, AIG, Pfizer, State Bank of India and US government agencies. CTE leverages world-class talent, proven tools and methodologies and global development centers to provide highly innovative and competitive solutions. For more information, please visit www.ctepl.com
CONTACT DETAILS
K N Saritha, Manager - Corporate Communication, Cambridge Technology Enterprises Ltd, +91 (040) 4023 4400 / +91 800 800 4041, ksaritha@ctepl.com
KEYWORDS
MARKETING, BUSINESS SERVICES, Financial Analyst, IT, TECHNOLOGY, CTE.BO, CTE.NS
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