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The Baan Corporation was created by Jan Baan in 1978 in Barneveld, Netherlands, to provide financial and administrative consulting services. With the development of his first software package, Jan Baan and his brother Paul Baan entered what was to become the ERP industry. The Baan company focused on the creation of enterprise resource planning (ERP) software.
However the fall of the Baan Company began in 1998. The management exaggerated company revenue by booking sales of software licenses that were actually transferred to a related distributor. The discovery of this creative revenue manipulation led to a sharp decline of Baan's stock price at the end of 1998.[2]
In June 2000, facing worsening financial difficulties, law suits and reporting seven consecutive quarterly losses and bleak prospects, Baan was sold at a price of US$700 million to Invensys,[3] a UK automation, controls, and process solutions group to become a unit of its Software and Services Division. Laurens van der Tang was the president of this unit. With the acquisition of Baan, Invensys's CEO Allen Yurko began to offer Sensor to Boardroom solutions to customers.
Today Baan ERP software is still used by thousands of companies in the world, the majority on version BaanIVc4 and ERP LN and it is still best in class ERP for mainly manufacturing sector. Infor (Global solutions) with its product line have one of the biggest customer bases - 70.000 customers. Baan is still one of the best products for discrete manufacturing companies to manage their ERP needs.
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