Baan has acquired a minority stake in Spanish human resources applications house, Meta4, in a deal valued at $22 million.
The applications supplier also released a positive set of year end financial results at the same time, thanks to strong licence sales.
Under the terms of the non-exclusive deal, Baan will resell Meta4's packages and Tom Tinsley, Baan's president and chief operating officer, will sit on Meta4's board.
For the year ended 31 December, Baan saw revenues increase by 65 per cent to $684 million, although the company claimed they would have grown a further eight per cent without negative currency fluctuations. Pro forma net income, excluding restructuring and acquisition charges, rose 133 per cent to $85.4 million compared with $36.6 million in the same period last year.
For the fourth quarter, sales increased by 65 per cent to $220 million, although the figure would have been nine per cent higher without adverse currency fluctuations. Pro forma net income, excluding restructuring and acquisition charges, rose 86 per cent to $30.8 million.
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