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Invensys Dumps Troubled ERP Unit
The troubled giant British engineeering firm Invensys has succeeded in finding a new home for its also-troubled ERP vendor, Baan, several years after it purchased the business at the top of the market.
Invensys, with $4 billion in debt, sold the money-losing software company to private equity firms General Atlantic Partners and Cerberus Capital Management for $135 million, about 25% of what it paid for the business three years ago.
Baan's ERP, or enterprise resources planning software, competes with the giants in the field. No doubt Baan's new owners plan a cost-cutting regime to return the company to profitability in the midst of a global turn-down in large application demand.
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