XRT Sells Fasset Technologies to Sage.

XRT, the secure financial flow architect, and Sage, have concluded the sale of Fasset Technologies, a subsidiary of the XRT group specialized in asset management solutions.

Established in 1999, Fasset Technologies now employs 30 associates and generated revenue of EUR 2 million in 2000, and EUR 1.2 million over the first half of 2001. The Fasset’s business activity amounted to 5% of the XRT group consolidated revenue.

Fasset Technologies, is a pioneer of the Infrastructure Resource Planning market [IRP is defined by the Gartner Group as a management chain covering infrastructure assets, capital budget and disposal] and caters to a client base of 1,300 in Europe that makes use of the "fa7 Suite" applications on a daily basis. This platform is a dynamic and secure capital investment management tool ; this suite optimizes the budget process, the accounting and financial management of assets, and the implementation and monitoring of physical inventory (including reconciliation between the accounting and the actual physical inventory). It also manages tax planning with regards to infrastructure assets (business tax).

"This move is in line with the XRT corporate strategy of focussing on our main field of expertise, Collaborative Treasury Management that encompasses the delivery of global solutions covering cash flow and payment management, risk and exposures management along with associated hedging transactions and collection management" explains Alain Fraiberger, President of XRT Executive Board.

The sale of Fasset to Sage also gives a strong signal to existing Fasset clients that the product range will keep on evolving, and provides assurances that Fasset Technologies will make the best out of the growing infrastructure resource planning market.

"The Fasset team expertise combined with the functionality depth of the fa 7 Suite range ideally fit in our offering geared towards the Financial Management of medium and large companies. After successfully completing the launch of our new "1000" product line, we now have a comprehensive set of solutions covering the full range of accounting and financial management business needs ", says Guy Berruyer, CEO and Chairman of Sage Continental Europe. "The high level of competence of the Fasset teams and their partners combined with our experience of customer service enables us to ensure that fa7 Suite customers will continue to be provided with a high quality service. The technical collaboration between the Fasset and Sage France development teams will also enable us, going forward to offer a consistent and integrated solution."

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