SAN FRANCISCO (03/31/2000) - Capping off a busy week in its effort to recover from six straight quarters of losses, Baan Co. NV today said it has completed a sale of its Coda accounting software unit to a U.K. vendor for $49.3 million.
The deal to sell the Coda operation to Science Systems PLC was first announced by Baan last month. The struggling Netherlands-based business applications vendor said it expects to report a net financial gain of $30 million from the Coda sale.
Baan bought Coda two years ago as part of an acquisition spree that was designed to surround its flagship enterprise resource planning system with a range of add-on applications. But the company hit the financial wall in mid-1998 and has gone through three CEOs and multiple layoffs since then.
Already this week, Baan said it is setting up a separate subsidiary to manage its customer relationship management applications - a move that sets the stage for a possible spin-off of that unit.
On Wednesday, Baan also announced a deal under which financial investment firm Bear Stearns International Ltd. will buy up to $142.8 million worth of Baan's stock during the next 18 months. And the vendor said a Dutch member of its supervisory board of directors was taking a health-related leave of absence - the fourth director to step down from the board this month.