Cambridge Technology Enterprises Limited (CTE) Posts 286 % Growth in Revenue and 206 % Growth in Profit Y-on-Y

Cambridge Technology Enterprises Limited (CTE), a global IT services provider a leading provider of SOA based solutions and Enterprise Transformation applications to mid size enterprises and mid size business units of Global 2000 enterprises, today announced its audited results for the fiscal year 2007-2008, 12 months period ending 31st March, 2008.
CTE revenues surged from Rs 23.40 Crores (USD 5.85 Million) in FY 2007, to Rs 90.27 Crores (USD 22.58 Million) (TTM) revenue in a span of one year. The Q4 FY 08 revenue was Rs 44.59 Crores (USD 11.16 Million) which has taken the company to an annualized run rate of over Rs 178 Crores (USD 44.53 Million), enabling it to break the small cap barrier to enter the mid-cap segment successfully. The revenue growth recorded is 286% and profit growth is 206% over previous fiscal.
Cambridge Technology Enterprises Limited (CTE) witnessed this phenomenal growth while maintaining good margins by meticulously implementing the four-pronged strategy it had outlined in the beginning of the last fiscal year. CTE went public with a commitment to invest in emerging technology areas like SOA, Innovation and competency centers, integration and expansion of acquired companies to leverage the synergies, and selective M&A's to enhance core competencies and customer portfolio. These strategies has not only enabled CTE to attain the critical mass but also helped in mitigating the risks that are encountered by companies during current global uncertainties.

CTE is focused to become a single-stop IT provider to the mid-market customers. It started the year with customers in the US market and forayed into the India market by the end of the year. The initial responses of the India customers to the augmented CTE services have been very encouraging. Many exciting opportunities have been identified in the commercial and Defence sector in India which will be pursued in FY 2009. Further, CTE plans to expand its operation in the APAC region.

The operations of the company have now reached higher level of stability and growth and the outlook remains positive for the next year despite many uncertaintities in the global economy. CTE's confidence stems from its expanded market base, extended service portfolio, good portion of revenue and cost being same-shore/ same-denomination and a balanced revenue composition between Government and Commercial segment.

Highlights

Consolidated Results for the year ended 31st March, 2008.

-- Total Revenue on consolidated basis for CTE was Rs. 90.27 Crores (USD 22.58 Million) compared to Rs.23.40 Crores (USD 5.85 Million) of revenue for the 12 month period ended 31st March, 2007 which translates to over 286% growth year on year on annualized basis.

-- Profit after Tax was Rs. 15.44 Crores (USD 3.86 Million), compared to Rs. 5.05 Crores (USD 1.26 Million) of profit after tax for the 12 month period ended 31st March, 2007 which translates to 206% growth year on year on annualized basis.

-- Earnings per share for the period is Rs. 9.76, on basis of post issue paid up capital of Rs.1582.44 lakhs.

Consolidated Results for the Quarter ended 31st March, 2008.

-- The consolidated revenues for the Q4 (January-March 2008) were Rs. 44.59 Crores (USD 11.16 Million).Compared to revenues of corresponding figures last year of Rs 5.89 crores (USD 1.47 Million), which translates to over 657% growth Year on Year on annualized basis.

-- Profit after Tax was Rs 8.20 Crores (USD 2.05 Million) for the Q4 quarter, compared to Rs. 0.96 Crores (USD 0.24 Million) of profit after tax for the corresponding quarter in the previous year (Q4 FY 2007) which translates to over 754% growth year on year.

-- Earnings per share for the period is Rs. 5.18, on basis of post issue paid up capital of Rs.1582.44 lakhs.

Others

-- Company completed acquisition of 4 companies in the financial year, namely, ComCreation, Reilly & Associates, Inc., Q-Soft Systems & Solutions and CellExchange, Inc., one in each quarter.

-- The Board of Directors have recommended a dividend of Re 1 per share (10 % on the paid-up equity capital of the Company) for the year 2007-2008 subject to approval of shareholders in the ensuing AGM.

Mr. Bhaskar Panigrahi, CEO, Cambridge Technology Enterprises Limited (CTE) said, "Last year was a land mark year for us wherein we grew by 286% engineered by our well-executed four-pronged strategy. This financial year, we would continue to focus on identifying and integrating high value and growth potential companies to enhance our customer base and consolidate our position in mid-sized customer segment. This year we hope to enhance our global delivery center base to China and Europe to offer multi-shore 24x7 service to our customers and also enter European market. The existing operations are being streamlined and refined to realize the best synergies."

Mr. Ramesh Reddy, CFO, Cambridge Technology Enterprises Limited (CTE) said, "We have exceeded the guidance given in the beginning of the last financial year. The outlook for the year ahead remains positive despite the global challenges and our FY 2009 plan factors the challenges that our customers and competitors will be facing. This would help us to navigate to our goal to be the one among the top 20 mid-market IT services providers globally."

About Cambridge Technology Enterprises (CTE)

Cambridge Technology Enterprises Limited (CTE) is a global services provider dedicated to serving the midsize market of enterprises and the midsize units of Global 2000 enterprises across the spectrum of business industries. Recognized as a thought leader and innovator of comprehensive Service Oriented Architecture (SOA)-based enterprise transformation and integration solutions and services, CTE provides solutions for all business challenges. CTE offers the same level of expertise to IT as it does to product development, business process outsourcing, and innovation consulting. CTE leverages its dedicated pool of talented professionals and its deep partner network and acts as a general contractor to help midsize enterprises meet today's increased challenges and makes them future ready. CTE is a one-stop-shop for all global service needs. With offices throughout the US and the world, Cambridge Technology Enterprises focuses on local collaboration and global execution.

Cambridge Technology Enterprises (CTE) Announces the Appointment of Ravi Joseph as Senior Vice President and Head of Outsourcing Business Unit

Cambridge Technology Enterprises, a global IT services provider and recognized as a leading provider of SOA based solutions and Enterprise Transformation applications to mid size enterprises of Global 2000 enterprises, today announced the appointment of Ravi Joseph as Senior Vice President and Head of Outsourcing Business Unit of CTE. In his new role Ravi Joseph will be responsible for driving the company's next generation corporate strategy and all the business activities in the Global Outsourcing Business Unit.

Until recently, Ravi was Senior Vice President, Manufacturing and Logistics IT Outsourcing business unit at Cambridge Solutions, (BSE/NSE listed). Prior to that Ravi founded and was President of CIBER India, a joint-venture between CIBER (NYSE listed) and iGATE (NASDAQ listed). He also served as Senior Vice President, North America Outsourcing business unit at iGATE. Over a 10 year period at iGATE he played a pivotal role in scaling iGATE's outsourcing operation from less than $1M to over $125M.
With over 16 years of client facing and India delivery experience in structuring and managing large global outsourcing deals, Ravi has worked with over 60 Global 2000 companies in North America, Europe, Japan, Australia, Singapore and the Middle East. Prior to starting his career in the global IT & BPO services industry, Ravi was associated for over 5 years with C-DAC (Center for Development of Advanced Computing), Pune, and IIT, Chennai, doing R&D in the area of modeling and simulation of dataflow-based machine vision systems. He has a graduate engineering degree from MIT, Chennai.
Welcoming the appointment of Ravi Joseph as Senior Vice President, Bhaskar Panigrahi, CEO of Cambridge Technology Enterprises (CTE) said, "Ravi brings a unique combination of business and technology experience to Cambridge Technology Enterprises that will strengthen our competitiveness and positioning globally. We are pleased to have Ravi join us and we look forward to putting his proven track record of success as a strategist, entrepreneur and global team leader to work as we drive to the next level of growth."
"Cambridge Technology Enterprise's exceptional growth is a testament to the high-quality and excellent service it delivers to all of its clients. The company truly is unique and impressive. I am excited to be associated with Cambridge Technology Enterprises and look forward to taking it to higher levels of success." said Ravi Joseph, Senior Vice President and Head of Outsourcing Business Unit, Cambridge Technology Enterprises.

About Cambridge Technology Enterprises
Cambridge Technology Enterprises (CTE) is a global services provider dedicated to serving the midsize market of enterprises and the midsize units of Global 2000 enterprises across the spectrum of business industries. Recognized as a thought leader and innovator of comprehensive Service Oriented Architecture (SOA)-based enterprise transformation and integration solutions and services, CTE provides solutions for all business challenges. A CMMI Level 5 business innovator, CTE offers the same level of expertise to IT as it does to product development, business process outsourcing, and innovation consulting. CTE leverages its dedicated pool of talented professionals and its deep partner network and acts as a general contractor to help midsize enterprises meet today's increased challenges and makes them future ready. CTE is a one-stop-shop for all global service needs. With offices throughout the US and the world, Cambridge Technology Enterprises focuses on local collaboration and global execution.

Cambridge Technology Enterprises Ltd (CTE) Records Q on Q 277% Growth in Revenue and 192% Growth in Profit Before Tax

Cambridge Technology Enterprises, a global IT services provider recognized as a leading provider of SOA-based solutions and enterprise transformation applications to midsize enterprises and the midsize units of Global 2000 enterprises, announced its Q3 results for the fiscal 2007-2008.

Highlights

Consolidated Results for October to December (Q3-08) quarter ending December 31, 2007:


-- Total revenue on consolidated basis for CTE was Rs 22.31 crores, compared to Rs 5.75 crores of revenue for the quarter ended December 31, 2006, which translates to 277% growth over previous year Q3. With respect to the revenue of Rs 13.29 crores for Q2-FY2007-08 (July-September 2007 quarter); the sequential growth in revenue on QoQ was 67%.
-- Profit before tax was Rs 4.32 crores, compared to Rs 1.48 crores of profit before tax for the quarter ended December 31, 2006, which translates to 192% growth in profit. With respect to the PBT of Rs 2.48 crores for Q2-FY2007-08 (July - September 2007 quarter), the sequential growth in profit QoQ was over 74%.
-- EPS for the period is Rs 2.12 on a paid up capital of Rs 1.58 crores, compared to Rs 1.56 for the quarter ended December 31, 2006, on a paid up capital of Rs 0.951 crores.
-- In this quarter, the company added 17 new customers to its customer base. The number of customers stands at 100.

Others
-- During this quarter, CTE completed acquisition of Q-Soft Systems and Solutions. This strategic acquisition will add an offshore Oracle services portfolio to CTE's service offering in the ERP segment and bring the combined entity closer to CTE's vision of being a 'one-stop shop for IT services for mid-sized enterprises'.
-- The head count of the company stands at 521, compared to 291 on September 30, 2007, reflecting a growth rate of 79%.

Mr. Bhaskar Panigrahi, CEO of Cambridge Technology Enterprises Ltd (CTE), said, "We are very pleased with the third quarter results. With another quarter of solid growth and profitability, we're seeing continued progress operationally, strategically and financially. We remain committed to improving business agility and thereby enhancing customer service. A balanced combination of organic growth and a synergistic acquisition strategy has been the key reason for our sustained profitability and growth. The acquisition of Q-Soft Systems & Solutions will augment CTE's offerings and help CTE move up the value chain."
Ramesh Reddy, Chief Financial Officer, commenting on the results said "We are continuing the trend of significant growth quarter on quarter and are on track to realize our goal to be the leading player in the midsize segment through a balanced mix of inorganic and organic growth oriented strategy. This strategy would help us to acquire larger customer base and broader services capability, while sustaining margins through investments in IP creation and Innovation centers to improve rates and productivity efficiency."

About Cambridge Technology Enterprises
Cambridge Technology Enterprises (CTE) is a global services provider dedicated to serving the midsize market of enterprises and the midsize units of Global 2000 enterprises across the spectrum of business industries. Recognized as a thought leader and innovator of comprehensive Service Oriented Architecture (SOA)-based enterprise transformation and integration solutions and services, CTE provides solutions for all business challenges. A CMMI Level 5 business innovator, CTE offers the same level of expertise to IT as it does to product development, business process outsourcing, and innovation consulting. CTE leverages its dedicated pool of talented professionals and its deep partner network and acts as a general contractor to help midsize enterprises meet today's increased challenges and makes them future ready. CTE is a one-stop-shop for all global service needs. With offices throughout the US and the world, Cambridge Technology Enterprises focuses on local collaboration and global execution.

ACCESS and Realeyes3D 'Motionize' NetFront Browser for Mobile

Camera phone users navigate the whole web with natural motion

Mobile Internet World -- ACCESS CO., LTD., a global provider of advanced software technologies to the mobile and beyond- PC markets, and Realeyes3D, a pioneer in mobile applications and services for camera phones, today announced the use of Realeyes3D's award-winning, motion- based panning and zooming Motionized(TM) technology to power the Smart Swing Navi feature of ACCESS' newest NetFront(TM) Browser v3.5. Now available to handset vendors worldwide, NetFront Browser v3.5 with Smart Swing Navi makes it possible for users to scroll handset contents by tilting the screen vertically and horizontally.

Motionized solves one of the biggest usability challenges in navigating the mobile web by enabling intuitive, natural motion-based panning and zooming into full web pages on small phone displays. Based on patent-pending, highly efficient software algorithms, Motionized determines the movements of the mobile phone by analyzing images from the camera phone lens, thus transforming the device into a motion sensor. Since the solution is based on software image processing technology, Motionized handsets need not include additional expensive hardware such as accelerometers.

NetFront Browser is the most advanced, versatile, and powerful Internet browser available in the mobile market. Specifically designed and optimized to deliver high performance in resource-constrained environments, NetFront Browser supports almost any OS and CPU and offers low power consumption, easy customization, and a broad range of plug-ins. NetFront Browser has been deployed in over 440 million Internet devices throughout the world including mobile phones, digital TVs, set-top boxes, mobile handhelds, game consoles, and automobile telematics systems, among others.

"Realeyes3D is a valued member of the ACCESS(TM) Connect Ecosystem Global Partner Program," said Kiyo Oishi, executive officer, ACCESS CO., LTD. and chief operating officer, ACCESS Systems Americas, Inc. "Motionized is an efficient and exciting technology and a great complement to any camera phone outfitted with NetFront Browser. We're pleased to incorporate this technology into NetFront Browser v3.5 as our Smart Swing Navi feature."

"ACCESS is an ideal software partner for Realeyes3D and will help speed distribution of the powerful Motionized technology into the hands of users who all need a better way to access and view the mobile web," said Benoit Bergeret, co-founder and CEO of Realeyes3D. "The browser is becoming the main channel into content on mobile phones. This UI evolution will bring great benefits to camera phone users, handset vendors, and to carriers as the global content navigation experience becomes more intuitive and natural for users."

Motionized is available as a software library, and is being licensed to mobile software and platform vendors. Its architecture is OS independent, and its memory and processor footprint make it compatible with any existing camera phone. Motionized also powers Realeyes3D's MotionLens(TM) picture viewing application, which can be used in a wide variety of applications for mobile phones, from games to browsers and picture viewing to editing applications.

ACCESS will be demonstrating NetFront Browser v3.5 with Smart Swing Navi at the ACCESS booth #101 at Mobile Internet World in Boston.

About ACCESS

ACCESS CO., LTD. is a global company providing leading technology, software products and platforms for Web browsing, mobile phones, wireless handhelds, and other networked devices. ACCESS' product portfolio, including its NetFront(TM) Browser, Garnet(TM) OS (formerly Palm OS(R)) and ACCESS Linux Platform(TM), provides customers with solutions that enable faster time to market, flexibility and customizability. The company, headquartered in Tokyo, Japan, operates 29 subsidiaries and affiliates within Asia, Europe and the United States. ACCESS is listed on the Tokyo Stock Exchange Mother's Index under the number 4813. For more information about ACCESS, please visit http://www.access-company.com/

About Realeyes3D

Realeyes3D designs, develops and sells award-winning embedded applications and wireless data services for users of camera phones. Realeyes3D applications enable new camera-based features and services in the areas of personal productivity, mobile messaging, user interfaces, gaming, and more. Realeyes3D enables camera phone manufacturers, mobile operators, and mobile content specialists to increase their value proposition to consumer and professional camera phone users. Founded in 2001 and based in Paris, France, Realeyes3D has offices in Tokyo, Hong Kong and San Francisco. Realeyes3D customers include top-tier global handset manufacturers and mobile operators. For more information, visit http://www.realeyes3d.com/.

Cambridge Technology Enterprises Ltd (CTE) Records Y on Y 123% Growth in Total Income and 69% Growth in PBT

Cambridge Technology Enterprises Ltd. (CTE), a thought leader, innovator, and a leading provider of comprehensive SOA – based solutions to mid sized enterprises in the US markets, today announced its Q2 results for the fiscal 2007-2008.

Highlights

Consolidated Results for July to September (Q2-08) quarter ending 30th September, 2007:

-- Total Revenue on consolidated basis for CTE was Rs1329.22 lakhs compared to Rs 595.02 lakhs of revenue for the Quarter ended 30th September 2006, which translates to 123% growth over previous year Q2. With respect to the revenue of Rs.1008.44 lakhs for Q1-FY2007-08 (Apr-Jun 2007 quarter) the sequential growth in revenue on QoQ was 32%.

-- Profit Before Tax was Rs 248.40 lakhs, compared to Rs. 147.43 lakhs of Profit Before Tax for the Quarter ended 30th September 2006 which translates to 69% growth in profit. With respect to the PBT of Rs.201.12 lakhs for Q1FY2007-08 (Apr-Jun 2007 quarter) the sequential growth in Profit QoQ was over 23.63%.

-- EPS for the period is Rs.1.34 on a paid up capital of Rs 1582 lakhs compared to Rs 1.44 for Quarter ended 30th September 2006 on a paid up capital of Rs 950 lakhs;

-- In this quarter, the company added 7 new customers to its customer base.

Cambridge Technology Enterprises Ltd (CTE) – Standalone.

Cambridge Technology Enterprises Ltd (CTE) derives its revenues primarily from its billings to its WOS (Wholly owned subsidiary) in US, CTE Inc which has all the customer contracts, the billing is done based on the Service agreement between the two entities based on the transfer pricing rules. Total Revenue for the quarter ended September, 30, 2007 was 481.36 Lakhs compared to Rs 415.03 Lakhs for the previous year quarter ended September 30, 2006. The PBT for the quarter ended September 30, 2007 is Rs 106.73 compared to Rs 129.76 Lakhs for the previous year September 30, 2006. Sequentially, the previous quarter ended June 30, 2007 revenue was Rs. 450.06 lakhs and PBT of Rs 113.44 Lakhs.

Mr. Bhaskar Panigrahi, CEO, Cambridge Technology Enterprises Ltd (CTE) said, “The key development in this quarter is to have completed the formalities to acquire Reilly Associates Inc as announced. This has enhanced CTE’s service coverage capability to offer Oracle ERP implementation, support and gives access to over 60 mid-sized customers who would be targeted for migration onto SOA platform. The synergy that has evolved from the combined offerings of CTE & Reilly has helped the company convert a one-time project order into a multi-year multi-million dollar recurring revenue order. We have had another good growth quarter and expecting to continue the growth trajectory in future as well.”

Ramesh Reddy, Chief Financial Officer, commenting on the results said “The trend that started from the beginning of this fiscal continued this quarter. We are also focusing on further improvement in enhancing the revenues by leveraging the added service capabilities, sales & marketing efforts and existing customer base and also integrating global delivery and support systems to help sustain margins in the rapid growth phase.”

About Cambridge Technology Enterprises Ltd. (CTE)

Cambridge Technology Enterprises Ltd. (CTE) is a thought leader, innovator, and a leading provider of comprehensive SOA-based solutions and Enterprise Transformation applications. A SEI CMMI Level 5 company, CTE, with its Center of Innovation located at Cambridge, Massachusetts, US, provides revolutionary solutions on budget and on time. It operates under various verticals like Banking and insurance, Life Sciences, Health care, High Tech, energy & utility, process manufacturing, wireless and mobile to name a few.

CTE entered the capital market in the month of December’2006, got listed in the month of Feb’2007 and raised funds of the order of Rs.2400 lakhs through a Fixed Price issue. CTE’s shares are listed in India on the Stock Exchange – Mumbai, and the National Stock Exchange.