Cambridge Technology Enterprises Announces Its Q1FY18 Results
Recently, we shared a business plan update to announce that we had performed our consolidation exercise and are focused on Artificial Intelligence (AI) as a service to transform organizations into "AI-first" leaders.
- (1888PressRelease) September 13, 2017 - Bengaluru : Cambridge Technology Enterprises (NSE: CTE; BSE: 532801), a leading global technology company transforming organizations into "AI-first" leaders, today announced its standalone unaudited financial results for the quarter ending June 30, 2017.
CTE acquired a new client in AI as a Service (AIaaS). Based in North America, the client has a strong focus on the BFSI vertical. Under the AIaaS model, CTE benefits from receiving a share in the incremental revenues of its client’s business by deploying its proprietary algorithms, differentiating CTE from industry peers.
CTE is one of the few organizations in the world with a 100 percent AWS certified Cloud Operations Center with the ability to provide 24/7 management of Public, Hybrid and Private cloud architectures. CTE continues to expand its practice in cooperation with AWS and is a trusted advisor to its clientele by achieving the competency in Big Data, DevOps, Oracle and MSP. The team brings a proven experience of managing over ten million instance hours in the cloud. CTE’s best-in-class cloud competency has been instrumental in establishing and managing cloud programs for large and small enterprises.
Also, we are excited to be part of Atlassian Solution Partner Program which enables CTE to extend its services across the entire software development lifecycle.
In Cambridge Innovations (CI), we envisaged that it would take us 3-5 years, in general, to generate liquidity from our investments. Contrary to this, we are pleased to announce that we have realized an equity value of USD 250,000 by way of partial sale to a strategic investor of Roadzen. The equity value realization showcases the potential of the business plan of CI. CI participated in the financing of Roadzen in the last two years and has sold USD 250,000 of Roadzen’s stock in order to assist the entry of one of the most prominent Hong Kong based Chinese investor. CI continues to believe in and remains a strategic partner to Roadzen.
Aashish Kalra, Chairman of Cambridge Technology Enterprises said, “We are making progress towards achieving our Vision 2020 and we believe that AI can make immediate contributions towards critical business decisions leading to increased profitability for the organizations. We are delighted about our achievement in AWS Competencies, and look forward to enhance value for our customers.”
Financial Highlights:
As per the roadmap for Ind AS transition (the Indian equivalent of IFRS) issued by Ministry of Company Affairs, Ind AS is applicable for CTE from this quarter. In order to facilitate smooth transition during the first year of Ind AS implementation, SEBI has issued a circular that the company may exercise the option under the Listing Regulations to submit quarterly/year-to-date consolidated financial results in the second quarter instead of the first quarter of the financial year.
CTE has opted for this relaxation as 2017-18 is its first year of Ind AS implementation. Hence, the standalone financial results are being submitted for the quarter ended June 30, 2017 and the consolidated results will be released from the second quarter onwards.
About Cambridge Technology Enterprises
Cambridge Technology Enterprises (CTE) is a leading global technology company transforming organizations into "AI-first" leaders. CTE is enabling its customers to create AI solutions that transform their businesses; by helping solve the world's complex and most interesting business challenges with AI. CTE gives organizations unparalleled access to cutting-edge technology by bringing together the best-in-industry using its years of expertise in building solutions for some of the world’s largest and most innovative enterprises; leveraging Big Data, Cloud & Machine Learning experience. CTE’s products and services address all the transformational AI needs of an organization — from strategic workshops to implementation of transformative business solutions through its AI as a Service (AIaaS). CTE’s expertise across multiple domains makes it the preferred choice for organizations seeking an AI Partner to innovate and leapfrog the market. CTE is assessed at Maturity Level 5 for CMMI v1.3 with ISO 9001:2008, ISO 27001:2005 certifications. For more information, visit www.ctepl.com or follow ( @ ) cam_technology on twitter dot
Forward-looking and Cautionary Statements
Certain statements in this press release may contain statements concerning our future growth prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this press release. The Company assumes no obligation to update any forward-looking information contained in this press release. Any forward-looking statements and projections made by third parties included in this press release are not adopted by the Company and the Company is not responsible for such third party statements and projections.
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