24th September 2007
Sage, the mid-market business software supplier said last week that it has acquired approximately 70% of the share capital of XRT, a supplier of treasury management software and payment software for medium-sized businesses in France , Spain , Portugal , Italy and Latin America . Sage will purchase the shares for a consideration of £30 million, paid in cash, equivalent to €1.67 per share.

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

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. Combined with ERP systems, XRT's software enables its 6,000 customers to carry out end-to-end straight-through processing and electronic payments around the globe.

Paul Walker, Chief Executive of Sage, commented, “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.”