M2M finalizes Onyx Software purchase

M2M Holdings Inc., the owner of enterprise resource planning (ERP) software vendor Made2Manage Systems Inc., has completed its purchase of customer relationship management (CRM) software firm, Onyx Software Corp., based in Bellevue, Wash.
M2M, a holding company that is jointly owned by Batter Ventures VI L.P. and Toma Cressey Equity Partners, bought Onyx for approximately US$92 million.
Onyx will operate as a business unit of the Indianapolis, Ind.-based Made2Manage, which offers several lines of ERP software.
Janice P. Anderson will no longer continue as CEO of Onyx; Jeff Tognoni, CEO of Made2Manage will take on the leadership of the Onyx product lines.
Plus, Made2Manage has pledged to continue enhancing, supporting and selling the Onyx software.
“The acquistion of Onyx further solidifies our position as a leading enterprise software and services vendor with proven financial strength,” Tognoni said. “The addition of Onyx to our business also provides a second platform for industry consolidation, and extends the geographic reach of our direct distribution capabilities.”