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Cambridge Tech plans Rs 35-cr IPO

Our Bureau

Hyderabad , May 26

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.

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.

"This move to tap the market is akin to the strategy adopted by the core promoters of the company."

Speaking to Business Line, Mr Reddy said the company has also identified some target for acquisition and the issue would part-fund this expansion strategy. "We are on course to file a draft red herring prospectus with the SEBI, potentially early June, for the proposed IPO."

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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