Invensys sells Baan to US investment firms
Print storyCashing in at a loss
Posted in Hardware, 3rd June 2003 11:57 GMT
Invensys today announced the sale of its enterprise application subsidiary, Baan, to two US investment groups for $135 million in cash.
Cerberus Capital Management and General Atlantic Partners plan to combine Baan with rival ERP vendor SSA Global Technologies, which the two investment firms already own.
In a statement, Invensys said a major product launch for Baan this autumn (code-named 'Gemini') will go ahead as planned. There's also plenty of marketing-speak about strategic alignment and leveraging customers bases too tedious to go into here.
British engineering firm Invensys bought Baan in May 2000 for €762 million ($708 million).
In a press conference call, Invensys' chairman, Colin Marshall, admitted this was too much.
Invensys is selling Baan as part of a wider restructuring programme. ®
Related Stories
Baan: SSA may take on the challenge
Unholy row as Baan shareholders sue firm
Beached Baan bows to buyer
Reducing messaging and web security costs with managed services
The security implications of Web 2.0
Modular Services - Can Dell Deliver?
Can Outsiders Enhance Exchange?
The future of SaaS and IT infrastructure management
Neon revs cost-cutting mainframeware
Symantec eliminates dedupe disparities
NetApp ponders getting off the pot, or...
EMC wins Data Domain with $2.1bn offer