equity in motion

Press Release | Munich, 9 June 2006

AdAstra exits bäurer

_Sage Group Plc. ("Sage") yesterday announced the proposed acquisition of baeurer GmbH, a portfolio company of AdAstra, for an aggregate consideration of approximately EUR 24 million. baeurer, based in Donaueschingen, Germany, is a leading provider of ERP software solutions to the German-speaking midmarket / Mittelstand companies. AdAstra invested in baeurer in 2003. baeurer´s management team co-invested at the time.

_baeurer (www.baeurer.de) is a vendor of a suite of advanced business management solutions for mid-market businesses, including industryspecific software for manufacturing. baeurer has over 2,000 mid-market customers. baeurer's revenue for the year ended 31 December 2005 was approximately EUR 23 million. Earnings before interest depreciation and amortisation (EBITDA) were approximately EUR 1,7 million.

_London Stock Exchange listed Sage (www.sage.com), based in Newcastle, UK, is a leading supplier of business management software and services to 5 million customers worldwide with 2005 revenues of EUR 1,1 billion. Under the terms of the transaction, Sage has agreed to acquire baeurer for an enterprise value of approximately EUR 24 million in cash. The acquisition is expected to complete within four weeks of this announcement.

_Paul Walker, Sage Chief Executive Officer, commented, "Acquiring baeurer strengthens our market position in Germany by providing advanced and industry-specific solutions for mid-market customers. Sage's customer service and marketing expertise will enable us to sell more software and services to baeurer 's customer base."

_Ulrich Clemm and Thomas Krueger, Managing Partners of AdAstra added: "We are pleased to hand over baeurer to Sage, an experienced acquirer with a good acquisition history. For AdAstra, this is, after SUSE Linux and Trados, another great exit to a good strategic investor."

_AdAstra invested in baeurer in the year 2003, following its receivership 2002 and played the leading role in its turn-around. Today, Baeurer is one of the leading ERP vendors for mid-market customers in Germany.


About AdAstra:
AdAstra is a Munich-based independent Private Equity firm, founded in June 2000, targeting later stage high-growth and technology-oriented companies in IT, telecommunication and high-tech industries. As a sparring partner to its portfolio companies, AdAstra provides permanent support through its experienced and interdisciplinary management team and its contact network. AdAstra currently has an interest in Ask S.A., Asknet AG, and Gomez Inc.

Contact AdAstra:
Ulrich Clemm / Thomas Krueger
Managing Partner
Schäfflerstraße 4
Phone: +49. 89. 710 40 85–0
Fax: +49. 89. 710 40 85–29



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