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Siebel completes Upshot purchase

Siebel Systems said Tuesday that it has completed its acquisition of UpShot, as scheduled. Siebel, which specializes in customer relationship management software, announced the $70 million all-cash deal last month. UpShot, based in Mountain View, Calif., competes with and Salesnet in the market for pay-by-the-month business software that's delivered via the Web. The acquisition of UpShot marks Siebel's second entry into that market, after its first attempt fizzled in 2001.

Under the terms of the deal, San Mateo, Calif.-based Siebel paid $50 million in cash to UpShot shareholders and may pay up to $20 million in cash in earn-outs during 2003 and 2004.