XRT ACQUIRES FRENCH SOFTWARE VENDOR COVERIS

…Acquisition delivers on XRT strategy to develop a portfolio of solutions for the entire financial value chain….

Leading treasury solutions supplier XRT announces today that it has acquired French financial software vendor Coveris, further strengthening XRT’s product offering, making its vision to deliver solutions that address the entire financial value chain a reality.

XRT’s decision was driven by its focus on ensuring that its clients, from mid-range companies through to global organisations, can implement XRT solutions that deliver across the entire treasury landscape, from collection to payment. The Coveris solution complements XRT’s existing portfolio by providing collection customer risk prevention capabilities that will enhance XRT’s Universe solution.

Bruno Joseph, CEO XRT, comments, "It’s our commitment to deliver integrated, seamless treasury solutions addressing the entire financial flow needs of our customers. Payments collection is a fundamental aspect of facilitating this flow.

"For our XRT Universe customers, Coveris allows us to greatly extend our product offering. We can now deliver a modular, easily deployable ‘out of the box’ collection solution that can be easily integrated with other treasury processes such as cash management or approvals."

XRT’s acquisition of Coveris also includes its European client base, which encompasses 250 customers, who will benefit from XRT’s outstanding product support, and have the opportunity to improve their financial flows by integrating their existing Coveris implementation with XRT Universe.

"We are very excited by this announcement," said Bruno Joseph. "We look forward to welcoming the Coveris team – their expertise and market knowledge will be of great benefit to both our product development and future growth plans."

Says Alain Leonhard, president of Coveris, "Becoming a part of the XRT team is an exciting new step for Coveris, offering us great opportunities for cross selling and opening up new markets for our solution. We all look forward to integrating our product into XRT Universe and offering extended capacity to our current client base."

Founded in 1996, Coveris offers critical payment collection capability including client risk assessment, dispute and litigation functionalities. Capable of managing large volumes of information in a methodical and coherent way, it interfaces with all leading financial and accounting systems.

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