Onyx Software Corp., a worldwide leader in successful customer relationship management (CRM), announced that it has acquired business process management (BPM) technology from Visuale, Inc. of Los Gatos, California, in an asset acquisition with a guaranteed purchase price of $4.0 million.
Consideration includes an initial payment of $400,000 in cash and Onyx Software common stock valued at $1.6 million in the form of 504,891 shares. Upon the one-year anniversary of closing, Onyx will make a subsequent payment valued at $1.0 million with the option of using either cash or stock valued at the then-current fair market value. In each of years three and four following closing, Onyx will make minimum royalty payments of $500,000 in cash based on sales of Onyx products incorporating the acquired technology. Separately, Onyx has reached employment agreements with key developers of the acquired technology.
Onyx plans to incorporate the acquired business process management technology into Onyx CRM to allow non-technical users to design and modify end-to-end business processes using graphical workflow and business rule design tools. The technology is designed to significantly reduce the need for IT support - as well as the associated delay and expense - while creating more cost-effective business agility for the enterprise. This powerful new technology can be applied to support long-running, multiuser workflows that in some cases extend beyond the walls of the organization, to partners and suppliers.
Visuale BPM technology is built on Microsoft .NET standards and supports Microsoft SQL Server and Oracle Database, making the acquired technology entirely compatible with the existing Onyx technology platform.
Gartner Dataquest research predicts that the BPM market will see moderate double-digit growth through 2007 based on a growing pace of business, increased demands for better customer service, the need for more business efficiency, and the demand for a higher ROI. Onyx plans to deliver products integrating the benefits of this BPM technology acquisition near the end of 2004.
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