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Talisma, Pivotal merger called off
By siliconindia
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Thursday, 11 December 2003, 20:30 IST
BANGALORE: The recent merger announcement of mid-sized CRM companies, Pivotal and Talisma has been called off following the decision by Oak Investment Partners not to counter the CDC Software offer to acquire Canada based Pivotal Corporation.
In an official statement announcing this, Fredric Harman, General Partner, Oak Investment Partners commented, "After reviewing the current situation, including issues related to the extended process, Oak has concluded that there is no financial justification for increasing the price of its proposed acquisition of Pivotal at this time.
Oak investment had earlier announced an infusion of funds in to Talisma to acquire Pivotal and also chalked out plan to merge the two companies to form one of the largest mid sized CRM companies in the world. However the merger ran in to rough weather following US based CDC Software offer to buy Pivotal for a higher price and Oak decided against to hike the purchase price to counter CDCs offer.
We continue to believe that Talisma is well positioned to become a major participant in the CRM market, Harman continued. Companies today are looking to streamline their CRM implementations and enhance customer communications. The combination of Talismas best-in-class e-service solutions with its India-based business model helps deliver on the promise of lower cost of ownership while providing superior customer service solutions. As such, we are bullish on Talismas market opportunities and plan to continue our financial support. "
In todays networked and wired customer-driven economy, organizations realize the importance of enhancing the customer experience with every interaction, whether conducted via the telephone or over the Internet, said Dan Vetras, president and CEO, Talisma. As such, organizations are accelerating their adoption of e-service solutions - including Chat, Email and Knowledge - to humanize their customers Internet experience while dramatically lowering the overall cost of service.
This is the second proposed merger called off after the announcement, following the estranged merger between GTL purchase of distribution major, Redington.