Onyx Makes Play For Pivotal - InformationWeek

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Software // Enterprise Applications
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11/17/2003
11:59 AM
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Onyx Makes Play For Pivotal

Onyx Software Corp. has made an unsolicited bid to acquire rival midmarket customer-relationship-management vendor Pivotal Corp. The combo would create the second-largest pure-play CRM vendor, with more than 2,600 customers and annual revenue of more than $110 million, says Brian Henry, Onyx executive VP and CFO. Onyx says the deal will give investors a 26% premium over Pivotal's previous plans to be acquired by venture-capital firm Talisma Corp. in a cash transaction that's valued at $1.78 per share. Onyx has proposed acquiring Pivotal in a stock-for-stock transaction valued at $2.25 per common share of Pivotal stock.

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