Sage takes lion's share of XRT
Acquisition-happy firm gobbles up 70%
Sage, the UK-based biz management software maker, has acquired a majority stake in French firm XRT.
The cash-only deal will see Sage buy £30m shares, or €1.67 per share, the transaction should close within a few days.
Sage said that, following the deal, it will put in an offer to acquire the remaining 30 per cent from XRT's shareholders. It added that the firm reported revenues of £22.2m in the year ended 31 December 2006.
XRT, which has about 6,000 customers worldwide, provides treasury management and payment software for medium-sized organisations in France, Spain, Italy, Portugal and Latin America.
Sage CEO, Paul Walker, said: "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."
Shares in Sage are currently trading at 246 pence on the London Stock Exchange - up 2.39 per cent on the previous close. ®