Sage acquires XRT

NEW DELHI, INDIA: The Sage Group (Sage), supplier of business management software solutions, announces the acquisition of approximately 70 per cent of the share capital of XRT, listed on Euronext Paris, from its shareholders.

Sage will purchase the shares for a consideration of £30 million in cash, equivalent to €1.67 per share. The transaction is not subject to any conditions and should complete within the next few days, Sage said in a statement.

In accordance with French listing regulations, following acquisition of 70 per cent of the share capital, Sage will make an offer to acquire the remaining outstanding shares from shareholders.

XRT is a supplier of treasury management software and payment software for medium-sized businesses in France, Spain, Portugal, Italy and Latin America. XRT's software solutions enable thousands of organizations worldwide to centralise cash flow information, streamline key business processes across the organization, and automate financial communication with banking and business partners.

Paul Walker, chief executive of Sage, said, “The acquisition of XRT is a further development of our range of specialised business management software. XRT’s advanced mid-market solutions for the cash management sector build on our existing Concept business, acquired in 2003, and complement our leading business management software for the SME industry.”