Oak Investment to Buy CRM Provider For $48 MillionCRM vendor Pivotal Corp. will be acquired by Oak Investment Partners, a private equity fund, the companies said yesterday.
Oak Investment Partners will buy all 27 million outstanding shares of Pivotal, Vancouver, British Columbia, in a deal worth $48 million.
Also, Pivotal will merge with Talisma, a customer relationship management vendor in Kirkland, WA, and an Oak Investment Partners company. Talisma CEO Dan Vetras will be named chief operating officer, reporting to Pivotal president/CEO Bo Manning.
The new company, which will operate as Pivotal Corp., will offer products for the CRM mid-enterprise market. The combined company will have about 700 employees.
As a result of the merger, Pivotal will add e-service capabilities to the Pivotal CRM suite, expand and strengthen offshore capabilities and accelerate the development of new products.