September 15, 2008
CTE Enters into Definitive Agreement With Protege Software
Cambridge Technology Enterprises, a provider of SOA-based solutions and enterprise transformation applications, has entered into a definitive agreement with Protege Software Services, a provider of professional services, to consummate acquisition.
Total consideration includes an upfront component comprising stock and cash and an earn-out component over next three years. This agreement is subjected to the approval of the shareholders of the company and necessary regulatory approval.
This acquisition is expected to strengthen Cambridge Technology Enterprises's (CTE's) Oracle ERP and Oracle Fusion middleware capabilities, augment CTE's positioning of being a one-stop-shop for all IT service needs to mid-market enterprises, strengthen CTE's presence in the New England region in the US and provide cross-selling opportunities with more than 50 customers of Protege.
Bhaskar Panigrahi, CEO of CTE, said: "This is another pearl in our collection of expertise and technologies to service the huge market opportunities emerging from SOA transformation requirements and needs globally. Protege's significant skills in Oracle ERP and Fusion Middleware technologies blend very well with our ever expanding SOA expertise."
Mike Ivers, president of Protege Software Services, said: "Cambridge Technology Enterprises and Protege bring together one of the most innovative and professional IT services. Our customers will benefit the most by this acquisition as they will have an advantage of services at a single-stop-shop for all their IT services needs."