CRM vendor Siebel Systems Inc., San Mateo, CA, said yesterday that it has closed its acquisition of UpShot Corp., a hosted CRM provider.
UpShot shareholders will be paid $50 million in cash, and up to $20 million more may be paid in earn-outs during 2003 and 2004.
The UpShot acquisition accelerates Siebel Systems' penetration of the hosted CRM market. Siebel gains more than 100 employees experienced in developing and administering hosted products and about 1,000 customers.
Siebel has committed to support UpShot customers indefinitely. For example, it is offering an UpShot edition of Siebel CRM OnDemand, a product it announced last month with IBM Corp.