Siebel Systems Inc. announced Tuesday that it has completed its acquisition of hosted provider UpShot Corp.
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The San Mateo, Calif. company purchased UpShot of Mountain View, Calif., from shareholders for $50 million cash and up to $20 million in future earn outs in 2003 and 2004. The acquisition of UpShot and its 1,000 customers complements Siebel's own entrance to the hosted market.
Siebel CRM OnDemand will be available later this quarter, and officials have pledged to merge it with UpShot's application by next year. Siebel will continue to support UpShot products indefinitely, according to company executives.