Hyderabad, Oct 5 (IANS) Cambridge Technology Enterprises, a leading IT services leader focused on big data and cloud convergence, is on course to achieve its goal of $2-million a month revenue by March next year.
Growing by over 100 per cent every quarter for the last five quarters, the Hyderabad-based firm hopes to have the foundation it’s aiming for under the two-year business plans, according to a press statement from the company.
Listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), CTE is investing significantly to expand itself and achieve the revenue goals.
With the focus now on the convergence of cloud and big data powered by Artificial Intelligence and Machine Learning, the company witnessed 104 per cent year-on-year increase in revenues, and 190 per cent year-on-year increase in the net profit in 2015-16, it added.
Steering the company is Aashish Kalra, who took over as the Chairman in January 2015 after acquiring the Hyderabad-based firm.
When he took over as the Chairman, the company’s monthly revenues were $400,000. “Last year, the monthly revenues were little over a million,” said Kalra, a well known equity investor based in the US.
During the first quarter of 2016-17, CTE earned $3.6 million revenues, a growth of 74 per cent over the corresponding quarter of 2015-16, the statement said.
The company’s average growth in revenues over the last five quarters has been 105 per cent in revenues, 759 per cent in EBITDA and 490 per cent in PAT.
Kalra identified five verticals as part of the business strategy for accelerated growth, and Cambridge Innovations (CI) is one of its fastest moving verticals that accounted for 10 per cent of the consolidated revenues of CTE in 2015-16, the company statement said.
CI is bringing cutting-edge technologies and best practices to help transformational early-stage companies seeking rapid growth.
Kalra told IANS that CI has been a highly successful initiative, under which it helps seed and growth-stage entrepreneurs seeking transformative industry disruption and rapid growth by providing capital and resources to reduce technology risk.
“We have invested $1.5 million in these 10 companies, all US-based. We hope to exceed our interim target of 12 investments by March 2017,” he said.
CI plans to have 50 investments by March 2019. These investments, Kalra pointed out, benefit the company in three ways — developing cutting-edge technologies for customers, getting its manpower trained and also earn profit over equity investment.
“We are working with the best and smartest entrepreneurs. Each has a different revenue share model. Equity decision is like a venture capitalist while revenue sharing is like an outsource provider,” he said.
RoadZen, one of the companies CI has invested in, is disrupting the roadside assistance market through a transformative offering. Started in Pittsburgh, Pennsylvania by a Carnegie Mellon alumni, it is claimed to the largest on-demand roadside assistance service in India.
Another company EnerAllies is leading the transformation to the smart, automated facility for multi-site enterprises, such as retail and restaurant chains. The company utilises a software-centric IoT platform to remotely control and manage HVAC systems.
With 400 employees, the company has offices in Hyderabad, Chennai and Bengaluru and presence in 10 locations in the US and one office in Germany.