Monday, September 15, 2008

Protege Software picked up by CTE

Cambridge Technology Enterprises Ltd. reports that it reached an agreement to acquire Protege Software Services Inc. in a deal that includes payment of stock and cash combined with an earn-out over next three years, company officials said.

The agreement is subject to the approval of the shareholders of the company and necessary regulatory approval, officials said. Financial terms of the deal were not disclosed.

Woburn-based Protege, founded in 1993, provides professional services and solutions for enterprises using Oracle Corp.’s (Nasdaq: ORCL) suite of products and technologies. CTE, which is headquartered in India and operates an office in Cambridge, provides applications to midsize enterprises and midsize divisions of Global 2000 enterprises.

Protege’s services are focused on Oracle’s e-business suite, Oracle fusion middleware, Oracle database technologies, Oracle CRM on-demand and support to small and medium businesses.

The acquisition would bolter CTE’s Oracle ERP and Oracle Fusion middleware capabilities and augment CTE’s positioning for all IT service needs to mid-market enterprises. It would also strengthen CTE’s presence in New England and provide cross-selling opportunities with more than 50 Protege customers, company officials said.

In August, CTE, founded in 1999, reported a 360 percent growth in revenue during its first fiscal quarter that ended June 30 versus the same period last year.