Baan Sold To Pair Of Investment Firms
4:53 PM EDT Tue. Jun. 03, 2003
From the June 03, 2003 issue of CRN
On Monday, Baan rival PeopleSoft said it was moving to acquire another competitor, J.D. Edwards.
Invensys, the London-based firm of which Baan is a wholly owned subsidiary, intends to sell the company to Cerberus Capital Management and General Atlantic Partners, private investment firms that jointly own SSA Global Technologies.
The investment companies intend to merge SSA, which develops process- and discrete-manufacturing software, with Baan, and to retain the Baan name.
The combined entity represents nearly $600 million in combined annual sales. In 2002, Baan lost $32 million on sales of $265 million.
Baan competes closely with J.D. Edwards, whose own manufacturing solutions are considered one of the key reasons PeopleSoft made its move, and with SAP.
The PeopleSoft acquisition of J.D. Edwards was valued at $1.7 billion.
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