San Mateo, Calif.—Siebel Systems, a customer relationship management software provider, on Friday announced it has signed a definitive agreement to acquire edocs, a Natick, Mass.-based provider of online billing and customer self-service software.
The acquisition is expected to give Siebel a greater presence in the online billing and customer self-service products and services market.
Siebel Systems will initially pay $115 million in cash to edocs shareholders as part of the agreement. Additional payments, based on achieving revenue and other contractual milestones, may be paid in 2006, the company said.
The transaction is expected to close in early 2005.