XRT announces the acquisition of software distributor Apsara

Paris, La Défense, August 12, 2004 - XRT, the leading provider of Financial Value Chain Management solutions, announces that it has acquired 100% of the capital of Apsara, integrator and distributor of IT solutions for financial executives in France.

Apsara, one of the principle Value Added Resellers of XRT solutions, recorded EUR 4.9 million in revenue for the fiscal year ended June 30, 2003, with a positive net income. The company will continue its business as a separate entity.

"We are pleased to welcome Apsara to the XRT Group", said Bruno Joseph, Managing Director of XRT. "They have been a skilled partner to 1,000 clients, users of our Financial Value Chain Management solutions. This move will utilize the strengths of both companies to our clients’ benefit, allowing us to concentrate on the evolving needs of our client base."

Véronique Roth, CEO of Apsara commented "The XRT solutions for Financial Value Chain Management have formed the core of our business and we look forward to drawing on XRT’s expertise to better serve our client base. We will of course continue to operate as a normal XRT Value Added Reseller and to offer the full range of financial solutions."

The acquisition, paid in cash, will generate a EUR 0.3 million goodwill and should not have a significant impact on XRT’s 2004 consolidated result.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development