UK accounting software firm Sage has acquired a 70% stake in XRT, a Paris-based provider of cash and treasury management software, for £30 million.
Sage says the purchase price, which is being paid in cash, is equivalent to EUR1.67 per XRT share. The transaction is expected to complete within the next few days.
In accordance with French listing regulations, following the acquisition of 70% of the share capital, Sage will make an offer to acquire the remaining outstanding shares of XRT from shareholders.
Commenting on the deal Paul Walker, chief executive of Sage, says: "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."
XRT provides treasury management and payment software to medium-sized businesses in France, Spain, Portugal, Italy and Latin America. The firm has around 6000 customers worldwide.
The French firm sold its high-end treasury product lines Globe$ and TWS to SunGard in Janaury this year.