Hit #100
Onyx Software (ONXS) is being acquired by M2M Holdings for $92 million in a cash deal. The offer, of $4.8/share, is a small premium of 13% to my average cost of $4.24/share.
Onyx was among the last few independent CRM players. The only other such company left is RightNow Technologies (RNOW), whose shares do look attractive, but have some way to fall.
Onyx had received an offer earlier from CDC, but the offer was rejected. At the current sale price it looks like Onyx owners have done a disservice to shareholders, especially when they could have easily started a bidding war. I am still hoping to see a substantially higher hostile bid from CDC.
While not exactly in the same sector, two other smaller companies in related fields, LivePerson (LPSN) and Supportsoft (SPRT), are attractively valued, given their takeover potential.
Also, a few more points of pullback, and Salesforce.com (CRM) will be a buy again.
Previous hit - Laserscope (#99)
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