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April 7, 2004
Onyx Software Acquires Business Process Management Technology from Visuale
Fusion of BPM with Customer Relationship Management Will Herald Next Wave of CRM Innovation
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.
"Business processes are a company's intellectual property and competitive differentiator in many industries. The acquisition of Visuale's world-class BPM technology and planned integration into Onyx CRM will give companies a cost-effective way to create, execute and manage business processes to deliver that competitive edge," said Brent Frei, Onyx Software CEO. "We believe that this capability positions Onyx to unleash the next wave of CRM by helping organizations transform their CRM from a system that's simply used to park customer data to one that actively drives their business," Frei said.
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, multi-user workflows that in some cases extend beyond the walls of the organization, to partners and suppliers.
Visuale BPM technology is built on Microsoft 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.
About Onyx Software
Onyx Software Corp. (Nasdaq: ONXS), a worldwide leader in delivering successful CRM, offers a fast, cost-effective, usable solution that shares critical information among employees, customers and partners through three role-specific, Web services-based portals. The Onyx approach delivers real-world success by aligning CRM technology with business objectives, strategies and processes. Companies rely on Onyx across multiple departments to create a superior customer experience and a profitable bottom line. Onyx serves customers worldwide in a variety of industries, including financial services, healthcare, high technology and the public sector. Customers include Amway, United Kingdom lottery operator Camelot, Delta Dental, Microsoft Corporation, Mellon Financial Corporation, The Regence Group, State Street Corporation and Suncorp. More information can be found at (888) ASK-ONYX or info@onyx.com
| Contact: | Rosemary Moothart Investor Relations Director Onyx Software (425) 519-4068 |
Mary Erickson Reidy Communications (605) 325-3286 mary@reidycommunications.com |
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