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PRESS RELEASES | ![]() |
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Oct 1, 99 Onyx Software Announces Four-Fold Increase in European Operations With Acquisition of Premier CRM Solution Provider Onyx Acquires Market Solutions Ltd. In Continued Aggressive Expansion
Bellevue, Wash. -- Onyx Software Corporation (NASDAQ: ONXS) today announced the acquisition of Market Solutions, Ltd., one of the UK's most established and successful customer relationship management (CRM) solution providers. The move immediately increases the size and depth of Onyx Software's existing European operations four fold. This dramatically strengthens its position as a leader in delivering best-of-class front office solutions to meet the demands of the burgeoning CRM market in the UK and across Europe.
"Onyx Software is committed to being the world's premier provider of Web-based customer relationship management systems and we will continue to aggressively buy, build and partner to meet this goal," said Onyx Software President & CEO Brent Frei. "The acquisition of Market Solutions underscores our commitment to building the distribution, product and support infrastructure we need to deliver best-of-class CRM solutions worldwide. Our customers and partners can be certain that we are investing not only in technology, but also in the local experience required to win and support their business. This acquisition will greatly strengthen our position in the European market, which is the largest CRM market outside of the United States."
"We believe that Onyx Software's complete front office product suite combined with our in-depth knowledge of the CRM industry in the UK and our own proprietary technology will give the combined companies a clear competitive advantage in the UK market moving forward," said Tania Holmes, managing director of Market Solutions Ltd. "We are extremely excited about Market Solutions' acquisition by Onyx Software and the additional benefits the combined companies will bring to our partners, our customers, and the market at large."
"Market Solutions' knowledge of what it takes to make complex CRM implementations successful combined with their commitment to customer satisfaction were key factors in this acquisition," said Howard Hawk, Onyx Software vice president, international operations. "The organizational depth, CRM expertise, and technical skills Onyx gains through this acquisition complement the strong European partnerships Onyx has recently announced with third party distribution, ASP and consulting partners like Deloitte & Touche and Interliant (formerly Sales Technology). By bringing these pieces together, we are progressing toward our goal of making Onyx the dominant provider of Web-based CRM solutions."
As part of the agreement, Tania Holmes, managing director of Market Solutions, immediately becomes managing director of Onyx Software UK. Holmes was an early entrant into the CRM market and has more than 10 years experience with large-scale CRM implementations. Market Solutions customers will continue to be supported, moving forward, by Onyx Software.
Onyx Software acquired all of the outstanding stock of Market Solutions for $5 million in cash and $1 million in equity (66,024 shares) at closing plus additional consideration of up to approximately $8 million in equity over the next two years depending on the attainment of specified performance targets. Onyx expects to account for the transaction using the purchase method of accounting.
About Market Solutions Ltd.
Market Solutions Ltd., a privately held company established in the UK in 1989, has more than 10 years of experience in developing, selling, implementing and supporting CRM systems. Its customer base includes Lloyd's Bank, National Provident Institution, Barclay's Global Investors, Anheuser-Busch, Virgin Atlantic and Bass Brewers. Market Solutions has earned a reputation as a leading provider of large, complex Web-based CRM systems.
About Onyx Software
Onyx Software Corporation (NASDAQ: ONXS) is a leading provider of Web-based Customer Relationship Management (CRM) systems. The company's innovative e-Business software combines comprehensive CRM functionality, third party applications and Internet content into personalized digital workplaces for marketing, sales and service employees, business partners and customers. The company's systems are scalable, flexible, reliable and deploy quickly resulting in a rapid return on investment and industry leading customer satisfaction. Onyx Software operates worldwide, supporting large, medium and small companies such as American Express, Cognos, Credit Suisse, FirstWorld Communications, Giga Information Group, Interactive Intelligence, NTL Group, Plumtree, Portland Trailblazers, Prudential, Sharp Electronics, Sierra Health Services, Singapore Cable Vision and US Bancorp Piper Jaffray. For more information call 1-888-275-6699, visit the Onyx Website at www.onyx.com or email info@onyx.com.
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info@onyx.com Copyright © 2008 Onyx Software, a Consona CRM solution. |
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