The decision will become active immediately and was taken following a two-month analysis aimed at defining ‘the most suitable solution’ for its global branding, however the decision is subject to approval at the company AGM in September.
Senior management concluded the use of Navision – recognised as the stronger of the two brands – would be less confusing for the market than retaining NavisionDamgaard. It was also feared the use of both names would weaken both of the brands.
Preben Damgaard, CEO of Navision and one of the original founders ofDamgaard, said: ‘I’ll be the first to admit that there is a lot of emotions in this, but the bottom line of our analysis was clear. Navision is the best choice for building an international brand.’
The company denied the decision was part of any wider business alterations and stressed no products were under threat, while the management team will remain unaltered.
As part of the rebrand, the Navision name will be included in its product names. Product lines Damgaard Axapta, Damgaard XAL and Damgaard C5/C4 will be continued as Navision Axapta, Navision XAL and Navision C5/C4.
Plans to change the Navision Financials suite to Solutions with the launch of version 3, expected during the summer, has now been scrapped, with the company working towards a new name in time for the release.
Company resellers, Damgaard business partners and Navision solution centres will be renamed, while the company will also move towards having one sales and implementation organisation, branded as Navision solution centres.
The merger – which was subject to the agreement of shareholders last December – has produced a company with revenues of £100m, with Navision, headed up by Yash Nagpal in the UK, owning 72%.
Projected savings from the merger, an estimated £11m in the first year, are expected to be realised, the company said. Cost-cutting exercises including the axing of 95 jobs and the closure of Damgaard’s UK office in Reading have already been carried out.
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Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
The established building and heritage restoration company has ceased trading following the loss of major tenders