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Good article. SAP makes the most sense - remember, Siebel is database agnostic - a problem for both Oracle and MSFT.
One other comment - I've worked for IBM, Microsoft and Siebel - and Siebel is not well managed - it's a train wreck. This is a well-known problem with Siebel and the main reason they will be acquired and not be the buyer.
Other than the fact that Siebel had four incredible years, why do you think they're well-managed?
Obviously it's difficult for me to comment on whether Siebel is 'well-managed' from an employee's standpoint - since I am not, and have not been, an employee of the company. But I know many past and current employees who would strongly disagree with your assertion. I also stick to my answer that from a competitive and investor's perspective Siebel is an outstandingly well-managed company. The company rose from essentially nothing without traditional VC funding to rapidly become THE dominant player in a multi-billion dollar CRM market - a market that they in many ways played a huge role in creating.
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