Thursday, October 16, 2003

WSJ.com - Siebel Systems to Acquire UpShot

WSJ.com - Siebel Systems to Acquire UpShot: "Siebel Systems Inc. agreed to buy closely held UpShot Corp., a prominent software service, in the company's second move to adapt to a major change in the market.
Under the deal, Siebel agreed to pay up to $70 million for UpShot, of Mountain View, Calif. The price includes $50 million in cash when the deal closes and up to $20 million in 2003 and 2004 if certain financial milestones are met."
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Marc Benioff, chief executive officer of Salesforce.com, asserted that the deal means Siebel is "killing" the UpShot product line, and reflects the fact that Siebel's CRM OnDemand "does not exist."
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