CRM apps maker Onyx purchased by holding company

Customer relationship management (CRM) applications maker Onyx Software is set to be acquired by holding company M2M Holdings for US$92 million, according to an announcement Tuesday.

After the deal closes Onyx will operate as a separate business unit of Made2Manage Systems, an Indianapolis-based provider of ERP software. Onyx applications will continue to be sold, enhanced and supported as part of Made2Manage Systems, which is also owned by M2M Holdings.

Entry into the CRM market is expected to enhance Made2Manage Systems' status as a provider of enterprise software and services to multiple industries, said Jeff Tognoni, CEO of both M2M Holdings and Made2Manage Systems.

The buyout is expected to close in the third quarter this year.

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