Cambridge Technology gains on entering into multi-year agreement with ID Systems

11 May 2015

Cambridge Technology Enterprises is currently trading at Rs. 22.55, up by 0.50 points or 2.27% from its previous closing of Rs. 22.05 on the BSE.

The scrip opened at Rs. 23.10 and has touched a high and low of Rs. 23.15 and Rs. 22.55 respectively. So far 5,200 shares were traded on the counter.

The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 26.30 on 20-Apr-2015 and a 52 week low of Rs. 3.29 on 19-May-2014.

Last one week high and low of the scrip stood at Rs. 25.85 and Rs. 22.00 respectively. The current market cap of the company is Rs. 44.27 crore.

The promoters holding in the company stood at 46.91% while Institutions and Non-Institutions held 0.29% and 52.79% respectively.

Cambridge Technology Enterprises (CTE) has developed a contract with ID Systems, a leading global provider of wireless M2M solutions for securing, tracking and managing high-value enterprise assets. The multi-year agreement is composed of multiple system, smoke, and automation testing initiatives. ID Systems has been at the forefront of utilizing radio frequency identification, or RFID, technology for wireless vehicle management and fleet tracking.

Under this agreement, the company will focus on testing services for ID Systems, which will be mainly conducted at CTE’s recently launched development center. CTE and ID Systems have also agreed to collaborate on an ID Systems application. Through all of this, CTE will be working as an independent tester of ID Systems’ complex embedded systems before they are distributed to their customers.

Cambridge Technology is a global technology services and outsourcing company dedicated to serving the midsize market of enterprises and the midsize units of Global 2000 enterprises across the spectrum of business industries.

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