Cambridge Technology Enterprises Limited (CTE), a Hyderabad-based provider of service-oriented architecture-based solutions, has entered into a definitive agreement to acquire SmartShift GmbH, a provider of tools-based modernisation services for IT systems based out of Germany, for an undisclosed amount. The transaction is expected to close in the first half of 2010.
This acquisition 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 buyout, CTE is entering the European Union market with a development centre in Germany and a number of marquee European reference accounts, the company said.
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. 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,” Bhaskar Panigrahi, chief executive of CTE, said in a press release on Monday.