Baan Becomes Subsidiary of SSA Global Technologies, Inc.Business Editors CHICAGO--(BUSINESS WIRE)--July 21, 2003 Mike Greenough leads the largest provider of extended enterprise software solutions for manufacturers worldwide SSA Global Technologies SSA Global Technologies (previous NASDAQ symbol: SSAG) was a company developing Enterprise resource planning (ERP) software. On May 15, 2006, SSA Global announced that it would be acquired by Infor Global Solutions. , Inc.(TM) (SSA (Serial Storage Architecture) A fault tolerant peripheral interface from IBM that transfers data at 80 and 160 Mbytes/sec. SSA uses SCSI commands, allowing existing software to drive SSA peripherals, which are typically disk drives. GT(TM)), a leading global provider of extended enterprise solutions and services, today announced that Baan has become a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of SSA Global Technologies, Inc. Effective immediately, Baan infrastructure functions, including financial, legal, IT and human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. , will fully integrate within SSA GT, while the sales, marketing, and development functions will retain some autonomy and shall work together to achieve efficiencies. SSA GT now has more than 16,500 customers and nearly USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $610M in combined revenues, of which $160M represents license fees for the combined products. "This acquisition represents a significant milestone in our ongoing growth strategy," said Mike Greenough, president, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of SSA GT. "Baan gives SSA GT a deeper global presence as well as the most balanced geographical reach in the industry. Both SSA GT and Baan customers will benefit from enhanced extension solutions in areas such as logistics, supply chain management, customer relationship management, corporate performance management and enterprise integration." Greenough continued, "SSA GT has the financial and management acumen acumen Astuteness, perception, perspicacity required to restructure Baan, thus returning the company to profitability. By creating a highly competitive organization within a market that is seeing rapid consolidation, we will extend our customers' IT investments, and use the combined talents of both organizations to produce new and exciting products." Greenough has appointed Graeme Cooksley as president of the Baan subsidiary. Cooksley retains his current responsibilities as executive vice president of SSA GT and will lead the Baan management team to ensure that current Baan customers benefit from the additional resources now available to Baan and to orchestrate or·ches·trate tr.v. or·ches·trat·ed, or·ches·trat·ing, or·ches·trates 1. To compose or arrange (music) for performance by an orchestra. 2. a successful execution of the Baan growth strategy. During his time at SSA GT, Cooksley has been an integral part of the management team helping to reengineer SSA GT into a leading provider of extended enterprise solutions to the manufacturing, services and public industry sectors. "My goal is to focus Baan on meeting customer and market demand while achieving at least the same level of growth that we have experienced during my time at SSA GT," said Cooksley. "I accept this appointment with great enthusiasm." About Baan: For more than 25 years, industrial enterprises with complex make, move, and service requirements have relied on Baan to help them improve their business performance. Baan is focused on delivering industry-defining enterprise application solutions and services to discrete manufacturers in the industrial machinery and equipment, electronics, automotive, and aerospace and defense sectors. With its unrivalled domain expertise in targeted vertical industries, Baan makes it possible for customers to achieve lowest total cost of ownership and fastest time-to-value from their enterprise solutions. Baan has 6,500 customers worldwide and installations at more than 21,000 customer sites. For more information, please visit www.baan.com. About SSA Global Technologies: SSA Global Technologies, Inc. is a leading provider of extended enterprise resource planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. (ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. ) solutions for manufacturing, services, and public organizations worldwide. In addition to core ERP applications, SSA GT offers a full range of practical integrated extended solutions including corporate performance management, customer relationship management (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ) and supply chain and supplier relationship management. Headquartered in Chicago, SSA GT has 121 worldwide offices serving more than 10,000 customers that represent market-leading companies in over 90 countries. For additional information, visit the SSA GT web site at www.ssagt.com. SSA Global Technologies and SSA GT are trademarks of SSA Global Technologies, Inc. Baan is a registered trademark. Forward Looking Statements These materials may contain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Statements in this press release or otherwise attributable to SSA GT regarding the business which are not historical fact, including those regarding forecasted revenue, earnings, cash flow and liquidity and the future prospects of its business, are "forward looking statements" made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act of 1995. Any "forward-looking statements" in these materials are subject to certain risks and uncertainties that could cause actual results to differ materially from those stated. Any statements that are not statements of historical fact (including without limitation statements to the effect that SSA GT or its management "believes," "expects," "anticipates," "plans," "looks forward" and similar expressions) should be considered forward-looking statements. Many important factors could cause SSA GT's actual results to differ materially from those expressed in the forward-looking statements made by or on behalf of SSA GT, including, without limitation, the size and timing of license transactions, the effect of economic conditions on the spending patterns of SSA GT's customers, the impact of competitive products and services, the effect of fluctuations in the economy and local currency, the ability of SSA GT to accurately forecast revenue, the ability to maintain adequate cash flow, the ability to maintain a satisfactory credit facility, the relationship between SSA GT and its affiliates and suppliers, the ability to manage costs and expenses, the availability of qualified resources, the ability to develop and enhance products, and other unknown risks including those as may be detailed in other SSA GT filings, reports and releases. SSA GT undertakes no obligation to revise or publicly update these forward-looking statements, whether as a result of new information or otherwise. |
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