Cambridge Technology Enterprises to acquire smartShift GmbH

Written by Businesswire India | Hyderabad | Updated: Nov 30 2009, 18:54pm hrs
Cambridge Technology Enterprises (CTE) announced that it has entered into a definitive agreement to acquire smartShift GmbH (smartShift), a global leader in toolsbased modernization services for complex IT systems. The acquisition is subject to the approval of shareholders of the company and necessary regulatory clearance. The transaction is expected to close in the first half of 2010.

Founded in 2002 with its headquarters in Mannheim, Germany, smartShift is the global leader in tools-based modernization services for complex IT systems. smartShifts proprietary and patented technologies automate the migration of applications such as SAP, Oracle, legacy, etc.. The automation enables smartShift to complete projects faster, with higher quality and at substantially lower cost than competing solutions.

This acquisition uniquely 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 acquisition, CTE is entering into EU market with a development center in Germany and a number of marquee European reference accounts.

CTE is expanding smartShifts 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. said, Bhaskar Panigrahi, CEO of CTE. 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.

smartShift has been focused on automating complex migration problems. said Stefan Hetges, CEO of smartShift. We are excited about joining forces with CTE and applying our deep expertise to migration of applications to the cloud.