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 clientsâ benefit, allowing us to concentrate on the evolving needs of our client base."
VÃ©ronique 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 XRTâs 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 XRTâs 2004 consolidated result.