Cambridge Technology Enterprises Ltd, a Hyderabad-based provider of service-oriented architecture-based solutions, has decided to divest its wholl-owned subsidiary CTE Global Solutions Pvt Ltd.
The move is part of the company’s effort of simplifying and enhancing the efficiency of its global operations and corporate structure, it said in a statement. Post the divestment, all employees and the global delivery services, which are being managed by CTE Global, will be transferred to the company’s Bangalore branch as part of business restructuring.
Total revenue of the company was Rs 178.32 crore in 2009 fiscal compared to Rs 90.27 crore in the previous fiscal. The net profit was Rs 5.65 crore as compared to Rs 15.44 crore. In June 2008, it acquired CellExchange Inc, a UK-based system integrator company for $15 million.