At present these two funds invest in a joint manner

Become a player full of venture capital after three years of existence, XAnge has lived "a year 2005 to full double title", welcomed Hervé Schricke, Chairman of the Board. Indeed, it is the first full year in its new issue configuration of the rapprochement, in July 2004, the activities of XAnge Capital, launched by the post in April 2003, and those of ABN AMRO in France. As a few months after, the new entity was given, for the first time, the management of a FCPI of EUR 15.5 million by its main shareholder, position Innovation 7. In the light of the results achieved, it has obtained a second last year, position Innovation 10, amounting to EUR 16.2 million. At present, these two funds invest in a joint manner.

Ultimately, XAnge has conducted in 2005, 13 new investment and a dozen of refinancing for a total amount of EUR 30 million. A non-comparable perimeter, the year 2004 was still led by 8 catches of participation for an envelope of EUR 13.2 million. Party on solid foundations, XAnge will continue momentum in 2006: "the value of our investments will be of the same order of magnitude as in 2005, but we will perform fewer operations with higher unit amounts in companies with promising potential, including the international", projected Hervé Schricke.

Net value

The year 2005 was also marked by the first four outings of its portfolio, with a cumulative net capital gain of EUR 8.5 million. As the biotechnology BioAlliance Pharma company successful introduction on the Eurolist C of Euronext in December, after five years of market failure for this sector in France. "We are pleased that this operation is well conducted with a clear added value, and must be the course to continue," says Hervé Schricke. "We feel that the market is active with portfolios moving." Indeed, the next release of XAnge is just announced with the purchase of IBase, first database of interactive marketing in France, by Business interactive, with a protocol signed this March 20, to be effective at the end of the first half of 2006. "If one cannot speak of beautiful operation, it is interesting to note that this generation company Internet survived the bursting of the bubble." With the taking of increasing value of Internet advertising, XAnge continues to invest in this sector, the example of Racing Life, a site of sports information on which it relied EUR 1 million alongside Ventech, last fall.

In January 2006, XAnge conducted its first operation to leverage effect (LBO), by entering in the capital of A2IA, French specialist of the intelligent recognition of handwriting, in the recovery of the company by its employees. A niche market which is already present through its investments in Kayentis and Vision Objects.

More generally, XAnge investment strategy is focused on generating technology of productivity for a company, such as decision support tools. "In this context of relocation, we must strengthen the level of qualification of the functions, the image of an engineer who became a manager of projects." As the US digging the gap with Europe over the past ten years have shown, gain of productivity of a country is not only a matter of cost savings, but played mainly to these key positions.