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BELLEVUE, WA - August 1, 2006 - Onyx® Software Corporation (NASDAQ: ONXS), announced that Onyx shareholders approved the company's acquisition by M2M Holdings Inc. at a special meeting of shareholders held today at the company's headquarters in Bellevue. Shareholders of approximately 76 percent of the total outstanding shares of Onyx stock voted in favor of the merger proposal, representing approximately 93 percent of the total shares voted.
According to terms of the agreement, M2M will acquire all outstanding shares of Onyx Software for $4.80 per share in cash. The transaction is expected to close by August 2, 2006, at which point Onyx Software will cease to be a publicly traded company. Payment information will be mailed to shareholders as soon as practicable after closing.
M2M Holdings Inc. is the holding company that is jointly owned by Battery Ventures VI, L.P. and Thoma Cressey Equity Partners and whose primary asset is Made2Manage Systems Inc., an enterprise software and services company.
"We are pleased that the shareholders approved Onyx's merger with M2M as we considered it to be in the best interests of Onyx shareholders, customers, partners and employees," said Janice P. Anderson, chairman and chief executive officer. "We are looking forward to a speedy closing of the merger, enabling Onyx to move forward as a private company backed by investors with strong financial resources."
About Onyx Software
Onyx is a worldwide leader in customer management and process software for mid- and large-size enterprises. Onyx provides flexible solutions that enable organizations to automate, manage and evolve their customer processes quickly and cost-effectively for strategic advantage. By providing an integrated suite of customer process automation applications encompassing customer management, process management, and analytics capabilities, Onyx enables enterprises to reduce costs, increase productivity, and grow revenue. Major companies are aligning their customer-facing departments and managing their customer processes with Onyx software -- companies such as Amway Corporation, Mellon Financial Corporation, The Regence Group and State Street Corporation. More information can be found at (888) ASK-Onyx, info@onyx.com or http://www.onyx.com/.
Contact:
| Melissa Stahley M2M Holdings, Inc. Office: (317) 249-1270 Mobile: (317) 626-1840 mstahley@made2manage.com http://www.onyx.com | Matt Card Davies Murphy Group Office: (781) 418-2411 Mobile: (617) 877-3474 mcard@daviesmurphy.com http://www.daviesmurphy.com |
Forward-Looking Statement
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info@onyx.com
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