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December 29, 2004
PeopleSoft Founder and CEO David Duffield resigns; Gartner acquires META Group; Oracle takes control of PeopleSoft stock; and more.
Posted Dec 29, 2004
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ON THE MOVE PeopleSoft founder David Duffield, who returned as CEO of the business-software maker during its takeover battle with Oracle, has resigned from the company. The resignation was effective December 21. Duffield, who founded PeopleSoft in 1987, was appointed CEO in October after Craig Conway was fired as president and CEO. NEWS Gartner and META Group announced that they have reached an agreement under which Gartner will acquire META Group in an all-cash transaction valued at $10.00 per share, or approximately $162 million. The boards of directors of both companies have unanimously approved the agreement. Gartner intends to finance the acquisition through the use of current cash, as well as through borrowings under the company's existing line of credit. The company does not expect the transaction to have any material impact on its 2005 operating results. The transaction is expected to close in the second quarter of 2005. Oracle announced that PeopleSoft stockholders have tendered approximately 75 percent of PeopleSoft outstanding stock, giving Oracle control of the company. Additionally, Oracle has designated four representatives to serve on PeopleSoft's board of directors, replacing the PeopleSoft board members who have resigned. Two of the previous PeopleSoft board members will remain on the PeopleSoft board until the merger between the companies is completed. Oracle has offered payment for the roughly 299 million shares tendered. PRODUCT NEWS Vtiger announced the release of Vtiger CRM 3.2, a open-source CRM solution. The product comes with Security Management, Product Customization, and Microsoft Outlook plug-in as part of the open-source aspect of the product. Vtiger 3.2 is a browser-based software package that is free, and was designed as an alternative solution for small and midsize businesses. Related article: How Well Will Oracle Handle PeopleSoft's Customer Relationships?
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