Cambridge Technology Partners Inc, the Massachusetts-based consulting and systems integration firm which acquired Excell Data Corp in August for about $60m in stock, is now being sued by several former employees and shareholders of that company. The suit alleges breach of contract, violation of federal securities laws, common law fraud, and negligent misrepresentation in connection with the acquisition and seeks unspecified damages. Cambridge issued roughly 1.68 million shares of stock in the deal, the terms of which provided for the dismissal of the employees who have now filed suit. Cambridge said it believes that the claims are without merit and promised a vigorous defense against them. Cambridge had pursued the deal partly because of Excell’s close relationship with Microsoft Corp and said it hoped to gain an inside track on Microsoft’s future strategies.
