MANAGEMENT software solutions group Sage has acquired a majority stake in French firm XRT.
The Newcastle plc yesterday said it had agreed to pay £30m for 70 per cent of the share capital of XRT, which is listed on Euronext Paris.
In accordance with French listing regulations, following acquisition of the share capital, Sage will be able to make an offer to acquire the remaining stock from shareholders.
Sage chief executive Paul Walker said: "The acquisition of XRT is a further development of our range of specialised business management software.
"We look forward to working with the management team to build on the exciting opportunities we see."
XRT is a leading supplier of treasury management software and payment software for medium-sized businesses in France, Spain, Portugal, Italy and Latin America.
Its software solutions enable thousands of organisations worldwide to centralise cash flow information, streamline key business processes across the organization, and automate financial communication with banking and business partners.
The company floated in 1996, and in the year to December 31, reported revenues of £22.2m.
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