Taking Stock - Baan completely loses the plot.
To lose one office is ridiculous, but to lose two could be said to be outrageous.
But TS has learned that fallen Dutch software provider Baan – which was bought out by UK engineering firm Invensys – managed to lose not one, but two offices as it prepared its due diligence before the takeover.
TS recently reported the company failed to realise it possessed an office in Sydney, belonging to subsidiary, CODA, as it was looking to sell off the arm.
However, it has transpired the financial managers at Baan failed to realise it had another CODA office in Italy.
An insider, said: ‘At the time of the due diligence, Baan was having trouble identifying where CODA had customers.’
They added: ‘The management was also a little confused as to whether or not it had an office in Italy. The office had been subject to a management buy-out but the Baan finance team was not sure who it belonged to as it came to sell off the CODA arm.’
As TS researched the vanishing Sydney office tale, a witness, said: ‘The (Baan) management team did not give the impression that it was in control of its operations’.
That is the understatement of the year.