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SEPTEMBER 12, 2005 (IDG NEWS SERVICE) - Oracle Corp. has agreed to acquire business applications software vendor Siebel Systems Inc. in a deal valued at approximately $5.85 billion, or a net value of $3.61 billion taking into account Siebel's cash on hand, the companies announced today.

The deal marks Oracle's latest step in its bid to remake itself as a global business applications powerhouse, following the closure of its $10.3 billion acquisition of PeopleSoft Inc. at the start of the year.

Buying Siebel would push Oracle past SAP AG as the world's largest vendor of CRM software, Oracle said, bringing it 4,000 customers and 3.4 million individual CRM software seats.

For more information, see www.oracle.com/corporate/press/2005_sep/monrls.html