CDC sets sights on Onyx takeover


CDC sets sights on Onyx takeover

Antony Savvas

CDC Software is trying to take over fellow customer relationship management (CRM) supplier Onyx Software for around $50m (£30m).

Hong Kong-based CDC said it was attempting to meet with the board of US-based Onyx, while Onyx said it was considering CDC’s unsolicited offer. Loss-making Onyx targets the middle market with its software. CDC acquired CRM software company Pivotal two years ago, which Onyx was interested in buying too.

CDC sells its software worldwide but specialises in the Asia-Pacific market. Before announcing its interest in buying Onyx, the target firm had a market capitalisation of around $67m. This has risen since the bid.

Onyx has not said when it will make a decision on CDC’s offer.

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