C-Bridge To Acquire Open Enterprise For $10 Million

C-bridge Internet Solutions will acquire Internet strategy and technology services company Open Enterprise Corp. (OEC), based here.

The acquisition will cost C-bridge approximately $10 million, with 25 percent paid in cash and the rest in shares of C-bridge stock.

The company hopes the move will expand its capabilities to help large companies in their transition to the Internet.

"OEC has developed a remarkable client base and solid reputation within the financial services industry that is a strategic complement to our own expertise in banking," said Joe Bellini, C-bridge president and CEO, in a statement. "This obviously represents an excellent fit with C-bridge's service and business models, enabling our ability to create uniquely powerful iSolutions for those key markets. The combined strength of our two companies will form the industry benchmark for collaborative commerce solutions to banking and finance organizations."

OEC clients have included Thomson Financial, State Street Corp., Nortel Networks and Wilmington Trust Co.

"I see C-bridge as the premier player in this category, not just in its thought-leadership and delivery capability, but also in its overall vision and direction," said Raj Chakraborty, OEC's president, in a statement. "Together, we will be able to offer powerful e-business transformation services that will create a tremendous impact for clients in strategic verticals. The cultural and philosophical fit of the two companies makes this a perfect partnership."

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