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:
You must be a registered member of Direct Marketing News to post a comment.

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

Featured Listings

More in Data/Analytics

Acxiom East?

Acxiom East?

Ogilvy & Mather launches OgilvyAmp, a think tank for data-driven marketers headed by expatriates from Little Rock's best-known data company.

Epicor to Acquire Analytics Provider QuantiSense

Epicor to Acquire Analytics Provider QuantiSense

Retail solutions provider seeks to up its data analytics game for large and midsized retailers.

One Third of Companies Fail to Measure Data Quality ROI

One Third of Companies Fail to Measure Data ...

Twenty percent of companies assume their data quality tools pay off, while another 10% doesn't monitor ROI at all.