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December 19, 2004

Siebel buys into ebilling market with edocs acquisition

Siebel Systems Inc has announced a definitive agreement to acquire e-billing and customer self-service software vendor edocs Inc as part of Siebel's initiative to increase its appeal to existing and potential customers by broadening its portfolio of offerings.

By CBR Staff Writer

One of the main drivers from Siebel’s perspective is the expectation that the e-billing and self-service market is predicted to grow by 8% through 2007 and is estimated to be worth $3 billion. It also fits with Siebel’s strategy of increasing its vertical market offerings, as edocs has established a presence in the telco, healthcare insurance, and financial services sectors. It has a customer base of 116.

The San Mateo, California-based CRM vendor will pay $115 million in cash for the privately owned and venture-capital-backed vendor. Additional payments will be made if revenue and other milestones are achieved during 2006.

Siebel said that excluding a one-time merger-related charge of approximately $8 million to $10 million, the transaction will probably reduce earnings by $0.01 per share in the first quarter 2005. After the first quarter, the transaction is expected to be neutral to earnings for the rest of 2005. The deal should close in early 2005 and has been approved by Natick, Massachusetts-based edocs’ board of directors.

Over the last year Siebel has acquired hosted CRM provider Upshot and retail banking software supplier Eontec. Recently it announced an SMB market initiative geared around partners, geographic, and vertical market penetration.

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