Cambridge Solutions Completes Sale of IT Government Business to Focus on Manufacturing & BFSI verticals

Cambridge Solutions Ltd has announced the completion of the sale of its Government vertical run under the Albion banner in the USA, as it refocuses its efforts to grow its manufacturing and BFSI business in the ITO segment while consolidating its position further in the BPO segment. The sale was concluded with Affiliated Computer Services, Inc. (NYSE; ACS), a US based premier provider of business process outsourcing and information technology solutions in an all cash deal.

"We are pleased to announce this transaction, which will allow Cambridge Solutions to focus on its core high growth global outsourcing business. In addition, it gives us an opportunity to grow the services we provide in the manufacturing and BFSI verticals which constitute a large and growing business of ours," said Chris Sinclair, Executive Chairman of the Company. "By doing so, we will deliver greater value to all our stakeholders."

The stock was trading at Rs.133.50, up by Rs.5.15 or 4.01%. The stock hit an intraday high of Rs.136.70 and low of Rs.128.75. The total traded quantity was 65103 compared to 2 week average of 60972.

Source : Equity Bulls

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