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Short Take: Siebel completes acquisition of OnTarget

Siebel Systems, a provider of customer relationship management (CRM) applications, today announced it has closed its acquisition of OnTarget, a provider of consulting services and training programs for sales and marketing organizations. As previously reported, each outstanding share of OnTarget common stock was exchanged at a fixed exchange ratio of approximately 0.31 for newly issued shares of common stock of Siebel. An additional 3.7 million of Siebel's shares were issued, valued at approximately $250 million, based upon today's closing price. Also, all outstanding employee stock options of OnTarget were converted into approximately 0.3 million Siebel options at the same exchange ratio.

Siebel Systems, a provider of customer relationship management (CRM) applications, today announced it has closed its acquisition of OnTarget, a provider of consulting services and training programs for sales and marketing organizations. As previously reported, each outstanding share of OnTarget common stock was exchanged at a fixed exchange ratio of approximately 0.31 for newly issued shares of common stock of Siebel. An additional 3.7 million of Siebel's shares were issued, valued at approximately $250 million, based upon today's closing price. Also, all outstanding employee stock options of OnTarget were converted into approximately 0.3 million Siebel options at the same exchange ratio.