Cambridge Technology Best of the Dead IT Sector with Q1 FY18 Results
CTE is the best performing stock in the IT industry with stock rising by 25% in last two weeks; scores partial exit from insurtech startup, Roadzen.
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Cambridge Technology Enterprises (CTE) a global technology company transforming organizations into "AI-first" leaders has announced its standalone unaudited financial results for the quarter ended 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.
Cambridge Tech 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.
Cambridge Innovations (CI), was envisaged to take 3 to 5 years to generate liquidity from our investments. Contrary to this, the company has announced an equity value of $250,000 dollars 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 a partial stake in Roadzen worth $250,000 dollars in order to accommodate the entry of one of Hong Kong’s most prominent Chinese investors.
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 enhancing value for our customers.”
According to 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 Regulation of 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 30 June 2017 and the consolidated results will be released from the second quarter onwards.
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