Cambridge Tech soars 7% after board approves Appshark acquisition

The proposed acquisition is expected to be completed by March 2026.

Cambridge Technology Enterprises (CTE) shares climbed more than 7 percent after it received board approval for acquiring US-based Appshark Software Inc for Rs 41 crore. At 11:51, Cambridge Technology was quoting at Rs 73 apiece, up 7.3 percent from the previous day's close on the National Stock Exchange. The volumes were also positive as 3 lakh shares changed hands against the one-month daily traded average of 1 lakh shares.

Appshark is primarily engaged in salesforce consulting and custom software development.

Follow our market blog for all the live action

The proposed acquisition is expected to be completed by March 2026. The IT company has also acquired RP Web Apps, and it is expected to be completed by July 30, 2023. The acquisition price, however, could not be ascertained.

CTE is an Indian information technology services provider that specialises in software development. Its core operations revolve around offering a comprehensive range of services in various areas, including artificial intelligence (AI), data management, application development, infrastructure solutions, and cloud computing.

The financials

During the fourth of FY23, the company reported a total income of Rs 62 crore, a 106 percent jump in comparison to Rs 30 crore reported during the same period in 2022.

However, the company posted a net loss of Rs 4 lakh for the period ended March 31, 2023, in contrast to a net profit of Rs. 3.7073 crore recorded during the period ended March 31, 2022.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.​​​