Share price of this technology services company moved up by nearly 10.28 percent to Rs. 86.30 in the morning trading session of Tuesday from its previous close of Rs. 78.25, after the announcement of an acquisition.
With a market cap of Rs. 165.45 crore, shares of Cambridge Technology Enterprises Ltd. opened at Rs. 81.00 on January 30. The company has delivered a positive return of more than 48.3 percent in the last six months compared to more than 42 percent in the last one year. So far in 2024, it has given around 13.14 percent returns.
According to the recent filings on the stock exchanges, Cambridge Technology Enterprises Ltd. completed the acquisition of 100% of shares or voting rights of Appshark Software, Inc. on Monday.
The cost of acquiring the 100 percent stake in Appshark Software Inc. is Rs. 42.16 crores. Cambridge Technology acquired 10 lakh shares of common stock of the target company.
Appshark Software, Inc. is now a 100 percent wholly owned subsidiary of Cambridge Technology Enterprises Ltd.
In terms of financials, the company’s revenue from operations decreased by 17.49 percent from Rs. 52.75 crore in the June 2023 quarter to Rs. 43.52 crore in the September 2023 quarter, accompanied by a decrease in net profit to Rs. 3.99 in the September 2023 quarter.
As of December 2023, FIIs hold 0.05 percent of the shares, whereas the Public holds 51.10 percent of the shares in the company, and the Promoters’ holding has remained unchanged at 46.91 percent.
With over 20 years of expertise as a technology services company, Cambridge Technology Enterprises Ltd. is an information technology services provider.
Incorporated in 1999, the company provides businesses to use solutions for Artificial Intelligence (AI), Machine Learning (ML), and cloud solutions to simplify product lifecycles, cut time-to-market, create new revenue streams, and remove complexities.
Written by Shivani Singh
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