Onyx Software Bids for Pivotal Corp.

Share this article:
CRM vendor Onyx Software Corp., Bellevue, WA, announced an unsolicited proposal yesterday to acquire Pivotal Corp.


The proposal, submitted by letter to the Pivotal board of directors yesterday, would combine the companies on the basis of 0.475 shares of Onyx Software common stock for each common share of Pivotal Corp., or about 12.5 million shares of Onyx. The approximate price per Pivotal share of $2.25 is based on the $4.73 closing price of Onyx common stock Nov. 11.


Pivotal said Oct. 8 that it had entered into a definitive agreement to be acquired by Talisma Corp. in a cash transaction financed by Oak Investment Partners valued at $1.78 per share. The Talisma transaction is pending and is scheduled for a shareholder vote Nov. 18.


Onyx said its proposal represents a 26 percent premium over the Talisma offer.


Onyx Software CEO Brent Frei said Pivotal would make a good fit with his company because they share a legacy of development on the Microsoft platform, sell broadly to various industries and have efforts focused on specific verticals. In addition, Onyx tends to sell to the mid-market and above while Pivotal tends to sell to mid-market and below.


The deal would make Onyx the second-largest pure-play CRM vendor with more than 2,600 customers and an annual revenue run rate of more than $110 million.


Share this article:
close

Next Article in Database Marketing

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

Featured Listings

More in Database Marketing

Making Data Breach Readiness a Priority

Making Data Breach Readiness a Priority

5 ways marketers can prepare for possible data breaches.

What's H-appending? DiscoverOrg Taps Marketo's Webhooks

What's H-appending? DiscoverOrg Taps Marketo's Webhooks

Cloud-based marketing automation behemoth Marketo joins forces with marketing intelligence company DiscoverOrg to improve its data collection capabilities.

A Toast to Marketing Attribution

A Toast to Marketing Attribution

Vino accessories and storage company Wine Enthusiast indentifies top and underperforming affiliates using algorithmic marketing attribution.