24th Jul 2006 11:09
24 July 2006Sage acquisition of majority shareholding in French distribution industry software vendor, Elit GroupThe Sage Group plc ("Sage") has acquired approximately 51% of the share capitalof Elit Group ("Elit"), listed on Euronext. Elit is a leading vendor ofbusiness management software for the transport and food distribution sectors inFrance. Sage purchased the shares for a price of 7 Euros per share. Thepurchase consideration for these shares is approximately ‚£10.8m, to be paid incash.As a result of this transaction, and as required by French regulations, Sagewill make an offer to the remaining Elit shareholders to acquire alloutstanding shares.With 3,000 customers, Elit is a leading vendor of business management softwarefor medium-sized businesses in the French transport and food distributionsectors. Elit's revenues for the year ended 30 June 2005 were ‚£18.4 million*,with an operating loss of approximately ‚£0.5 million*.Paul Walker, Sage Chief Executive, comments, "The acquisition of a controllinginterest in Elit represents a further extension of our range ofindustry-specific business management software. Elit's advanced mid-marketsolutions for the French transport and food distribution sector complement ourexisting C2G business, acquired in 2005."*Financial information as reported pro-forma in Elit company reports;translated on the basis of ‚£1 = 1.46 Euro.EnquiriesThe Sage Group plc +44 (0) 191 294 3068Paul Walker, Chief ExecutivePaul Harrison, Finance DirectorPhil Branston, Investor RelationsTulchan +44 (0) 20 7353 4200Julie FosterENDSAGE GROUP PLCRelated Shares:
Sage Group