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Saturday, May 27, 2006

Cambridge Tech plans Rs 35cr IPO

Cambridge Technology Enterprises Ltd, a Hyderabad-based IT services provider, is poised to enter the capital market with its maiden issue to meet its expansion plans, reports The Hindu Business Line.

The CFO, Mr Ramesh Reddy, said Cambridge, a SEI CMM Level 5 process company, has identified services oriented architecture as its main technology offering for enterprises globally.

The company simplifies enterprise technology architecture, thereby saving on enterprise costs and maintenance.

The company has also identified some target for acquisition and the issue would part-fund this expansion strategy. The company also plans to file a draft red herring prospectus with the SEBI by early June.

The company was carved out after the US operations were acquired by Unique Solutions and later renamed CellXchange.

The company was formed with funding from Internet Business Capital Corporation; Mr Bhasker Panigrahi and Mr Krishna Nandyala are core promoters. They expect to raise Rs 30-35 crore from the IPO.

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