By Ron Coates, 3 June 2003 11:55
NEWS Ailing engineering group Invensys has found a good home for Baan, its loss-making software subsidiary. Venture capitalists Cerberus Capital Management and General Atlantic Partners together paid $135m cash for the enterprise resource planning (ERP) unit. The two intend to join Baan with Chicago-based SSA Global Technologies, which they bought in April for $75m. The combined companies will have almost $600m in revenue, $160m of which comes from licence fees, and over 16,500 customers worldwide. The new owners claim the company will have the worlds largest installed base of enterprise software in manufacturing. Baan will operate as the Baan division of the new company. Baan had losses last year of £19.5m on a turnover of £161.7m. Invensys reported a loss of £1.39bn in the year to 31 March.
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