Siebel Systems, Inc., a leading provider of business applications software, announced that it has closed its acquisition of edocs, Inc., a leading provider of e-blling and customer self-service software solutions.
Under the terms of the deal, Siebel Systems will initially pay $115 million in cash to edocs shareholders. Additional payments, based on achieving revenue and other contractual milestones, may be paid in 2006. Excluding the impact of a one-time merger-related charge, the company expects the transaction will reduce Q1 2005 earnings by approximately $0.01 per share. Additionally, the company currently expects a one-time charge in Q1 2005 estimated at $8-10 million, although the company is still completing its asset allocation analysis and this estimate is subject to change. Siebel Systems expects the transaction to be approximately neutral to earnings for the remainder of 2005.
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