by CIO Staff

Oracle Buyout OK’d by Siebel Shareholders

Feb 01, 20061 min
Mergers and Acquisitions

On Tuesday, the shareholders of Siebel Systems approved a $5.85 billion takeover by Oracle, a one-time competitor, Reuters reports.

The move will give Oracle a larger share of the market for customer relationship software, and in turn, more traction in its effort to level the playing field with business software industry leader SAP of Germany.

The shareholders approved the September deal almost unanimously via a Webcast.

Over the past two years, Oracle has been no slouch in the buyout game.  In that time alone, the company spent roughly $19 billion scooping up its rivals in a bid to secure its place in the maturing business software industry.

Oracle plans to hold a meeting to discuss the deal’s financial details on Feb. 9.

-Al Sacco