Cambridge Technology Enterprises (CTE) has entered into a definitive agreement to acquire smartShift, a provider of tools–based modernisation services for complex IT systems.
Founded in 2002 with its headquarters in Mannheim, Germany, smartShift’s proprietary and patented technologies automate the migration of applications such as SAP, Oracle and legacy.
Bhaskar Panigrahi, CEO of CTE, said: “With the smartShift acquisition, we are expanding our capabilities to help our clients accelerate their migration to the cloud. 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.”
CTE said that the acquisition positions it to take advantage of the growing cloud services market. With the acquisition, CTE is entering into EU market with a development centre in Germany and a number of marquee European reference accounts. It is expanding smartShift’s IP to automate the process of cloud-enabling applications.
CTE is a global business and technology services company. Its services include IT Modernisation, application and infrastructure managed services and business process outsourcing.
Stefan Hetges, CEO of smartShift, said:“smartShift has been focused on automating complex migration problems. We are excited about joining forces with CTE and applying our deep expertise to migration of applications to the cloud.”
The acquisition is subject to the approval of shareholders of CTE and necessary regulatory clearance. The transaction is expected to close in the first half of 2010.