Recent moves by Onyx to bolster their presence in Europe have seen offices opened in France and Germany, and the acquisition of an established UK CRM firm.
Management hope the takeover of Market Solutions Ltd, which immediately increases the size and depth of Onyx's existing European operations four fold, will significantly strengthen its position in the burgeoning UK and Europe CRM market.
Onyx Software acquired all of the outstanding stock of Market Solutions for $5 million in cash and $1 million in equity (66,024 shares) at closing plus additional consideration of up to approximately $8 million in equity over the next two years depending on the attainment of specified performance targets. Onyx expects to account for the transaction using the purchase method of accounting.
Market Solutions Ltd., a privately held company, has been developing, selling, implementing and supporting CRM systems since it was established in the UK in 1989. Its customer base includes Lloyd's Bank, National Provident Institution, Barclay's Global Investors, Anheuser-Busch, Virgin Atlantic and Bass Brewers. Market Solutions has earned a reputation as a leading provider of large, complex Web-based CRM systems.
As part of the agreement, Tania Holmes, managing director of Market Solutions, immediately becomes managing director of Onyx Software UK. Holmes was an early entrant into the CRM market and has more than 10 years experience with large-scale CRM implementations. Market Solutions customers will continue to be supported, moving forward, by Onyx Software.
This announcement follows earlier signs of the company's increased commitment within Europe - including new regional offices in Paris and Munich, aimed at expanding existing operations into true regional hubs with marketing, sales, and service infrastructure.
The French and German operations offer fully localized versions of Onyx Front Office products, running on localized versions of Microsoft NT and Microsoft SQL Server 7.0. Onyx software is built on a scalable international platform, allowing users in multiple countries to work from a single database presenting all captions, menus, help files and work notes in their local language.
"European companies, especially those in the UK, France and Germany, are moving quickly to build customer-centric businesses," said Walter Fertl. "This latest expansion of our existing presence allows us to continue to improve our ability to help companies manage their customer relationships in these rapidly growing markets, whether they are local or global markets."
Onyx has also hired Christophe Tournier, formerly in-country sales manager for The Vantive Corp, as director of Onyx France, where the Paris headquarters is made up of sales, marketing, and support employees.