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Onyx Pulls its Proposal to Acquire Pivotal

  • 04 December, 2003 16:12

<p>Onyx Pulls its Proposal to Acquire Pivotal</p>
<p>Sydney Australia - December 4th 2003 - Onyx® Software Corp. (NASDAQ: ONXS), a worldwide leader in successful customer relationship management (CRM), today announced that is has withdrawn its proposal to acquire Pivotal Corporation.</p>
<p>“It is unfortunate that Pivotal denied their shareholders the opportunity to pursue the Onyx acquisition proposal that many industry observers saw as a superior offer for shareholders and good for the industry. Fortunately, that stance won’t prevent Pivotal customers from realising the benefits of Onyx technology and customer service,” said Brent Frei, Onyx Software CEO.</p>
<p>Separately, Onyx announced a migration program for Pivotal customers. The program enables customers to trade their existing Pivotal licenses for licenses of Onyx Enterprise CRM 4.5. The program provides for up to a one-for-one exchange of user licenses, allowing Pivotal customers to cost-effectively migrate to Onyx Software’s proven, feature-rich, fourth-generation, Internet-architected CRM platform. Pivotal customers interested in this offer can obtain additional information at www.onyx.com/Pivotal.</p>
<p>“For nearly a decade we’ve delivered industry-recognised technology and services that have helped organisations of all sizes achieve positive ROI and business impact from CRM. Today, Onyx is positioned to thrive on its own with a strong operational model that has generated cash from operations, delivered non-GAAP profitability and achieved sequential license revenue growth in recent quarters. Respected industry observers say that Onyx is better positioned to serve the mid-market than any other vendor, and there’s no stronger believer in the mid-market than Onyx,” Frei said.</p>
<p>BACKGROUND OF ACQUISITION PROPOSAL
Pivotal has acknowledged that it excluded Onyx from consideration while shopping the company to as many as 47 other entities. Efforts by Onyx to engage Pivotal through their investment banker were precluded. On November 12, Onyx made an unsolicited proposal to acquire Pivotal by way of a business combination. Pivotal Corporation rejected the Onyx proposal. Subsequently, Pivotal twice postponed the shareholder vote on the Talisma transaction and is currently engaged in discussions with a third party whose unsolicited bid followed that of Onyx.</p>
<p>While Onyx continues to believe that its proposal to acquire Pivotal was superior to all public offers, the proposal has been withdrawn given the low probability that that offer can be successful.</p>
<p>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 of California, Microsoft Corporation, Mellon Financial Corporation, The Regence Group, State Street Corporation and Suncorp. More information can be found at info@onyx.com or http://www.onyx.com.</p>
<p>Forward-Looking Statement
This press release contains forward-looking statements, including statements about the value of the Onyx offer relative to other public offers for Pivotal and the potential financial performance of Onyx. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. The words "believe," "expect," "intend," "anticipate," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Factors that could affect Onyx's actual results include, but are not limited to the "Important Factors That May Affect Our Business, Our Results of Operations and Our Stock Price" described in our quarterly report on form 10-Q for the period ended September 30, 2003. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only as to the date of this release. Onyx undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.</p>
<p># # #</p>
<p>Onyx is a registered trademark of Onyx Software Corp. in the United States and other countries.
Other product or service names mentioned herein are the trademarks of their respective owners.</p>
<p>For further information, please contact:</p>
<p>Basil Reilly
Onyx Software
Tel: +61 2 9409 4300
Email: basilr@onyx.com</p>
<p>Or</p>
<p>Roger Marshall / Will McIntyre
Spectrum Communications
Tel: +61 2 9954 3299
Email: rogerm@spectrumcomms.com.au/willm@spectrumcomms.com.au</p>

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