Financial software giant Baan guaranteed the future of its UK accounting software subsidiary Coda despite mounting financial turmoil following a fourth-quarter profits warning.
The Dutch company said it expected a $250m fourth-quarter loss, blaming a radical restructuring plan unveiled in October, which included a 20% worldwide job cut.
Industry analysts believe the job losses were a result of Baan’s failure to integrate a raft of acquisitions over the past few years. Undeterred, in a managerial shake-up last week, Baan bought Baan Midmarket Solutions, owned by the Baan family through an investment vehicles.
Last year’s acquisition of Coda Group, best known for its Coda Financials software, was intended to improve Baan’s multinational presence outside the manufacturing sector.
Baan claims to have integrated the Coda applications into its product range. Mark Hamilton, senior vice president for marketing, rebutted industry speculation that the company would sideline the Coda Financial product line.
‘Coda has strengths in markets outside manufacturing where Baan is not as strong,’ he said. Programmers are already working on the next product release, he added.
Hamilton refused to guarantee the jobs in Baan’s UK finance department but said the initial forced redundancies had been completed from the October restructuring.
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