Siebel Systems, Inc., a provider of customer relationship management (CRM) solutions, announced that it has signed a definitive agreement to acquire UpShot Corporation, a pioneer in delivering hosted CRM service over the Internet, in a cash transaction valued at up to $70 million. Under the terms of the deal, $50 million will be paid in cash upon closing, with potentially an additional $20 million to be paid in earn-outs during 2003 and 2004. The board of directors of each company has approved the acquisition, which is subject to customary closing conditions.
The acquisition is expected to accelerate Siebel Systems' penetration of the hosted CRM market and significantly expand customer choice in this market segment. Earlier this month, Siebel Systems and IBM jointly announced Siebel CRM OnDemand, a hosted offering specifically designed to meet the growing market demand for fast, easy and affordable CRM. Siebel Systems will offer UpShot's widely adopted solutions as well as its own Siebel CRM OnDemand solution, with a roadmap to converge the products.
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