February 01, 2006
Oracle completes acquisition of Siebel
Siebel stockholders voted in favor of deal earlier in the day
Recommend ThisOracle Corp. announced Tuesday that it has completed its acquisition of Siebel Systems Inc. after Siebel stockholders voted in favor of the acquisition at a meeting earlier in the day.
The deal strengthens Oracle's position in the CRM (customer relationship applications) market as it battles its main business applications rival, Germany's SAP AG.
The acquisition makes Oracle "the undisputed leader in Customer Relationship Management software," Chief Executive Officer Larry Ellison said in a statement.
Oracle will hold a conference call on Feb. 9 to discuss its expectations for the combined companies, the company said.
The deal, which valued Siebel at almost US$6 billion, was announced in September last year. Oracle said in December that it hoped to complete the acquisition on Jan. 31 or shortly thereafter.
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