By Joey Gardiner, 19 October 1999 15:49
NEWS Nortel Networks is to buy CRM vendor, Clarify, in a stock swap deal worth $2.1bn. Clarify manufactures front office applications, including its eFrontOffice suite, for different vertical market industries. Nortel Networks claims the deal will help it enter a "second phase" of ebusiness, where the focus is on the customer, not the technology. The deal will leave Clarify under the control of current CEO, Tony Zingale, but functioning as a wholly-owned subsidiary of Nortel. The deal is expected to be completed in the first quarter of 2000, and awaits approval from shareholders and regulatory authorities. Clarify supplies BT, Compaq, E*Trade, General Electric, Microsoft and Prudential, and has just announced results showing third quarter revenues of $63m.
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