Onyx Software Corp, the Belleview, Washington, customer relationship management software outfit, is planning to raise around $35m this week in an IPO. Though running well behind markets leaders Siebel Systems Inc, Vantive Corp and Clarify Inc, Onyx has enjoyed rapid growth, and revenues climbed from $2.1m in 1995 to $19.4m in 1997 and showed a 96% increase to $24m in the first nine months of its current year. Onyx has a total commitment to Microsoft products. The company’s founders are ex-Microsoft staff and Onyx claims that organizations using Unix and mainframe-based customer relationship software have been hindered by long development cycles and high costs. Now the penetration of NT-based servers, which IDC estimates will grow from 1.6 million in 1997 to 5.9m in 2002, leads Onyx to believe will open up the market for lower-cost software. The company has moved outside the US and overseas revenues reached $4.2m in the first nine months. Sales of Onyx software has fueled expansion in services which now represents 37% of total revenues.
ONYX EXPANDS ON BACK OF NT GROWTH
