Siebel acts to reassure
Nothing to fear here...
Troubled CRM vendor Siebel spoke to analysts last week and outlined strategy changes to help turn the company around.
Recently appointed CEO George Shaheen said the company had work to do but the market was moving in its favour as the focus moves from back office to front office processes.
Siebel said it would cut some jobs from the 5,000 staff it employs.
Shaheen also said that apart from being a takeover target, Siebel talked to Oracle about a possible sale, Siebel is also interested in buying other companies. Analysts say the most likely target would be a business intellligence provider.
Siebel also announced new products which will be sold alongside Siebel 7. It is a component based system so businesses will pick and choose which business processes they need. The software will run on several platforms and one analyst suggested it brought Siebel more into line with arch rival salesforce.com. More details here.
In a recent K-8 filing with the SEC, Siebel said it was considering several opportunities but said there is no current consideration of a takeover. The company has more than $2bn in the bank despite its recent problems.
There has been heavy trading in Siebel shares on rumours of takeover or management buyout. ®