Baan founder rises from the ashes

Jan Baan, the Dutch software
maker whose company Baan collapsed nearly a decade ago after mounting losses and
questions over accounting methods, looks set to make a comeback after
around ?40m in private equity funding for his Cordys venture.

Netherland’s based Cordys Holding was founded in 2001 and provides business
software. The lastest round of funding was provided by Oklahoma-based
Argonaut Private Equity, who gained a
significant minority stake in the software maker.

Cordys will compete in the business process management (BPM) software market,
which is estimated to grow to $2.6bn (?1.3bn) by 2011.

Further reading:

Enterprise software: hard to swallow

Vendor round-up – A maze & confuse … who’s who in
Financial Software

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