Siebel feiert Aufnahme in den S&P 500 - 500 Beiträge pro Seite

[fantus]

Zitat aus Hornblower Fischer Internet Daily 15:43 3.5.2000

http://www.wallstreetonline.de//include/index2.php3?dest=/ne…

"Ein anderes, ebenfalls führendes
E Business Softwareunternehmen konnte seine Aufnahme in den S&P 500 feiern. Siebel Systems wird
diesen Index bald bereichern. Allerdings ging auch der Kursparty bei Siebel gegen Handelsende die Luft
aus und die Aktie notierte zu Handelsschluss fast unverändert. "


Jetzt wird (mir) auch klar, warum die in den letzten Tagen so gestiegen sind.

[Alec]

Hat zwar nix im NM-Forum verloren aber ich denke die meisten nutzen sowieso die Stichwortsuche um Infos zu
finden. Das Interesse an SEBL haelt sich in D ja noch in Grenzen. Vielleicht mal noch ein kleine Zusammenfassung.
Ich denke mit SEBL hat man eine sehr aussichtsreiche Aktie ohne sich um allzuviel abwaertspotential sorgen zu
muessen. SEBL ist zwar schon sehr gut gelaufen aber die Kursentwicklung wurde auch immer durch entsprechende
Zahlen bestaetigt. Ein solider I-Net-Wert ohne nennenswerte Konkurrenz mit grossem Kundenstamm( und grossen Namen
wie (Shell, Merck, Dupont, HP, GE etc.) und ausgezeichnetem Gewinnwachstum. Leider ausserhalb US voellig unbekannt.


Siebel Leads CRM Market

Apr 13, 2000, 8:39 am EST
By Nanda Gupta

NEW YORK (123Jump) - Siebel Systems (SEBL) develops customer relationship management
(CRM) software and is currently the market leader in enterprise-class sales, marketing and
customer service information systems. CRM software tracks customer interactions, helping
businesses generate sales leads and close them. Siebel`s suite of products helps automate all
the steps of the selling and customer service cycle, including direct mail marketing campaigns,
telemarketing, telesales, lead qualification, response management, lead tracking, opportunity
management, quotes, and order configuration. The company designs, develops, markets and
supports Siebel Enterprise Applications, a leading Web-based application software product family
designed to meet the sales, marketing and customer service information system requirements of
even the largest multinational organizations. Its e-commerce applications deliver an entirely
Web-based, enterprise-class package of sales, marketing, and customer service applications.
Siebel applications fully support ActiveX, Java, and HTML and can be delivered over the Internet
or via an organization`s intranet, supporting multiple desktop platforms.

Industry Background: In today`s increasingly competitive global markets, businesses must
continuously improve their operations. Having spent considerable effort and resources in
previous years automating finance, manufacturing, distribution, human resources management,
and general office operations, many businesses are now looking to apply the leverage of
information technology to their sales, marketing and customer service processes. Unlike previous
automation efforts - which have focused on cutting expenses - sales, marketing and customer
service information systems focus primarily on increasing revenues and customer satisfaction.
The customer-centric e-business model and e-commerce is driving the surging demand for CRM
solutions. Yankee Group forecasts that the CRM software license market will grow to $7.5 billion
in 2003 from $2.5 billion in 1999, a CAGR of 31%.

Product Line: Siebel is the world`s leading supplier of Web-based front office software
systems. Its products are designed to meet the needs of small, medium and large businesses.
The Siebel Front Office Applications are comprised of a broad range of advanced Web-based
application software products designed to allow corporations to deploy comprehensive sales,
marketing and customer service information systems on a global basis. The company`s products
provide support for a number of frequently interdependent distribution channels used in marketing
and customer service. Its product suite is functional over a broad range of industries and diverse
business practices, as well as multiple languages and currencies.

Siebel currently has a functionally rich and broad product suite. With the release of Siebel 99, the
company has integrated the Scopus` customer service and support solutions it acquired and
introduced a Web-based architecture. It has broad CRM solutions offerings with deep
functionality across all customer interactive points. Its product suite includes an enterprise
product line, an e-business product line, and vertical industry solutions. The enterprise product
line includes its sales force automation (SFA) products, marketing, call center, field service and
support and a product configurator. The e-business line includes Internet-based solutions for
on-line sales, marketing, and customer service. Vertical industry solutions include financial
services, consumer goods, public sector, telecommunications and automotive.

Competition: The market for Siebel`s products is intensely competitive and subject to rapid
change. Primarily new product introductions and other market activities of industry participants
affect the competitive perspective. The company`s products are targeted at the emerging market
for sales, marketing and customer information systems. Siebel faces competition from customers`
internal development efforts, custom system integration products, as well as other application
software providers that offer a variety of products and services designed to address this
market. The market for global e-business information systems has historically not been well
served by the application software industry; most customer deployments have been the result of
large internal development projects, custom solutions from systems integrators, or the application
of personal and departmental productivity tools to the global enterprise.

The changing competitive landscape is likely to benefit Siebel in the near term. Siebel`s main CRM
competitors, Clarify and Vantive, have been recently acquired and this could benefit Siebel as
they are pre-occupied with other matters. The leading enterprise resource planning (ERP)
vendors, Oracle (ORCL) and SAP (SAP), have entered the CRM market but as yet seem to lack
the functional richness of Siebel`s CRM applications. Oracle and SAP are expected to try to sell
an integrated front office/back office solution to executive management to counter Siebel`s broad
and rich functional product suite to sales and marketing management. In the near term, it appears
customers are willing to put up with application-integration issues to obtain functional richness,
which again should favor Siebel.

Investment Considerations: An encouraging trend for Siebel is that the Internet is being
increasingly seen as a CRM catalyst. Companies fear disintermediation from their customers by
the Web. The sales process is growing more sophisticated as the amount and pace of market
intelligence shipped around the Internet accelerates. Hence, CRM has moved from being a sales
productivity tool to a technology-enabled customer relationship strategy. Furthermore, a number
of businesses are beginning to go directly to their customers. According to Siebel, as 85% of the
Fortune 1000 sells through intermediaries, a lot of companies will face more direct interaction
with customers for the first time. These companies will have to build expertise in optimizing these
relationships and part of the process requires building a related technology infrastructure. In
order to remain a leader in this expanding market, Siebel continuously increases its product
breadth. Over the last year, the company has built a credible portfolio of e-business products that
include e-sales, e-marketing, e-ervice and e-hannel. Product breadth is significant because it is
impossible to present a comprehensive, integrated view of customer behavior if the CRM
software doesn`t track all the customer`s activities.

While, to date, most of Siebel`s revenue is direct-sales channel-driven, the company is actively
strengthening its indirect sales channel. It has formed strategic alliances with JD Edwards
(JDEC) and Great Plains (GPSI) for marketing its CRM applications. Further, IBM (IBM) has
agreed to market Siebel`s entire product line through its software sales force. It has dropped its
own CRM effort and will move those customers to Siebel`s suite. Given IBM`s market reach,
e-business marketing momentum, and distribution, this relationship should produce strong results
in the near term. Siebel has also announced an agreement with leading e-commerce engine
provider Broadvision (BVSN). Consequently, it is expected that as Siebel expands and
strengthens its strategic partnerships and alliances, revenue from the indirect channel should
begin to accelerate, helping to drive revenue growth.

Overall, Siebel is the leader in one of the fastest growing markets in software - CRM, a product
category that is expected to register exponential growth in the near future. According to AMR
Research, the CRM market recorded sales of $2.3 billion in 1998, which is predicted to surge to
$16.8 billion in 2003. Currently, Siebel has about one-fifth of total market sales. Hence, the
company has the scale and the leadership position to drive revenue growth and momentum.
Further, it is focused on execution, and with a strong, seasoned management team, a broad and
deep product line, and a changing competitive environment, Siebel is positioned to become one of
the fastest growing technology companies in the near and medium terms. (Previous Stories)

[Alec]

Vielleicht noch etwas zur Konkurrenz:
Siebel: Rewriting the rules, winning the game
EXAMINER TOP 100 E-business software powerhouse outmuscles Oracle to rank #1 on Examiner`s Top 100 list

http://www.sfgate.com/cgi-bin/article.cgi?file=/examiner/arc…

Quote from the article:
Some of Siebel`s traditional competitors are fading away, on the other hand, said analyst Bierdeman. In the CRM market -
customer-relationship management software, which companies use to manage marketing strategies, customer help desks and sales
leads - Siebel has won the battle already, he said.

"The technology landscape has a history of starting new markets with hundreds of competitors, and having those competitors
boiled down to one dominant player that owns more than 50 percent of the market share," Bierdeman said.

"I think Siebel has clearly established itself as the leader in (the CRM) market space. Now it is poised to expand and participate
in the much bigger e-commerce market." - peggylynn
Wer ueber ein Investment in SEBL nachdenkt sollte sich den Link mal anschauen.

[tuerk]

Naja,
so völlig unbekannt können sie in Deutschland nicht sein, es laufen seit Monaten riesige Anzeigenkampagnen (dort werden ihre Kunden genannt).
Schaut mal die Wirtschaftswoche usw an ...

Siebel ist eine der besten US-Aktien ! Chart der vergangenen Jahre sagt alles. Von der Klasse her mit Nokia vergleichbar.
Tuerk

[Alec]

Unbekannt bezog sich auch mehr auf die Umsaetze in Deutschland. Frag mal in einem Thread ob man Siebel kennt. Selbst bei meinem Broker kam erstmal nur Schulterzucken.

[Bat2K]

!

Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an [e-mail]

[oilchange]

Die Bekanntheit von Siebel wächst exponentiell. Momentan ist der Durchbruch in Deutschland noch nicht so stark weil hier die CRM Software noch nicht im Bewußtsein vieler Firmen angelangt ist. Das wird sich in den nächsten Jahren aber drastisch ändern und davon wird Siebel überdurchschnittlich profitieren.

[moses63]

Hallöle...

kann mir bitte jemand die info geben,
wann genau siebel in den s&p 500 aufgenommen wird ???

viiiielen dank im voraus... :-))

Moses...

[me_phisto]

Kann mir jemand erklären warum Siebel heute ganze 6 Euro zugelegt hat, kann nichts neues finden.
danke, me_ph

[Vision11]

WOW!!!!!

Siebel, Marktführer in USA für kundenspez.Anwend.software,
legte ganze 18,62 % zu, und hat nur 1/4 Dollar unter Hoch
geschlossen!!!!!
Wer freut sich mit mir??
(Das Allzeithoch ist nicht mehr weit...)

Ich kann`s schon riechen...

moni

[Alec]

!

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[NoamX]

Hallo Alec,

da hast du noch zwei Dinge vergessen: Andersen Consulting ist an Siebel beteiligt, und iBM vermarktet Siebel Produkte
und IBM setzt Siebel selber für das CRM ein. Ich schätze, daß sich Tom alleine an dem IBM Deal dumm und dämlich
verdient.

Kundenliste: http://www.siebel.com/siebel-customers/cu_li.html


IBM Selects Siebel eBusiness Applications Globally

SAN MATEO, Calif. - February 10, 2000 - Siebel Systems, Inc. (Nasdaq:SEBL) a leading
supplier of eBusiness application software, today announced that IBM (NYSE:IBM) has selected
Siebel eBusiness Applications on a global basis.

IBM will deploy Siebel eBusiness Applications across its multi channel, customer-facing
infrastructure uniting field sales and service, marketing and call center professionals, Web sites
and business partners into a comprehensive customer information system. Expected to serve
more than 55,000 internal IBM users, 30,000 business partners, and millions of customers directly
over the Web, this transaction will be one of the broadest deployments of sales, marketing and
customer service software in history and the most extensive use of Siebel eBusiness
Applications within a single organization to date.

IBM is one of the only technology companies today that can deliver a complete information
technology solution to its customers, seamlessly integrating its hardware, software and global
services. This is a powerful differentiator for IBM, where maintaining a single view of the
customer across these rapidly growing and diverse lines of business is a requirement. IBM sells
to, markets to and services its customers through numerous integrated channels, allowing
customers to communicate with IBM any way they prefer, including field sales, field service, call
centers, service centers, business partners and the Web. Siebel eBusiness Applications will be
powerful tools to support IBM`s strong commitment to providing the industry`s highest levels of
customer satisfaction across all of its lines of business and channels.

"Customer Relationship Management is critical to us. We conducted a very thorough review and
concluded that Siebel Systems was best able to meet our needs. They have the applications, the
track record, the vision and the leadership that we were looking for," said Bill Etherington, senior
vice president and group executive, IBM Sales & Distribution.

"We selected Siebel Systems based on the breadth and depth of their applications," said Steve
Ward, vice president, Business Transformation and CIO, IBM. "The implementation of these
applications will enable IBM to work more aggressively with our customers than ever before, to
anticipate their needs and to simplify their relationship with IBM around the world."

IBM will rely on Siebel eBusiness Applications -- including Siebel Sales, Siebel Marketing, Siebel
Service, Siebel Field Service, and the Siebel.COM family of products, including Siebel eService,
Siebel eMarketing and Siebel eChannel -- to help manage relationships with their customers and
partners around the world.

"We are enormously gratified in being selected to provide the eBusiness application software
solutions for IBM," said Thomas M. Siebel, chairman and CEO, Siebel Systems, Inc. "Over the
past year, we have developed a global strategic alliance with IBM to bring comprehensive,
integrated eBusiness solutions to market together. With today`s announcement, IBM represents
both our most strategic partner and our largest customer. We eagerly look forward to partnering
with IBM to ensure that they are 100 percent satisfied with their Siebel eBusiness Application
deployment."

About Siebel Systems
Siebel Systems, Inc. (Nasdaq: SEBL) is the world`s leading provider of eBusiness applications
software. Siebel Systems provides an integrated family of eBusiness application software
enabling multi-channel sales, marketing and customer service systems to be deployed over the
Web, call centers, field, reseller channels, retail and dealer networks. Siebel Systems` sales and
service facilities are deployed locally in more than 26 countries. For more information, please visit
our Web site at www.Siebel.com.

NoamX

[Alec]

Schade, dass die Resonanz auf diese Aktie so gering ist.
Dumme Streitgespraeche ueber Pusher und Basher sind bei dem Volumen quasi ausgeschlossen,
und so koennte man eigentlich ganz konstruktiv diskutieren, gerade auch weil die Konkurrenz aus
Deutschland kommt und ich schon einige SAP-Nutzer / -Berater /- Mitarbeiter hier
im Board kennengelernt habe. Waere schoen wenn man in D etwas Volumen in diesen Wert bringen koennte.

[Alec]

Ein ganz netter Ueberblick ueber den CRM-Sector:

The beginning of a revolution in web-based customer service

U.S. Bancorp Piper Jaffray Vice President and Senior eBusiness Software Analyst Sarah T. Bernstein, Ph.D., today initiated coverage of the eBusiness Software and electronic-customer-relationship-management (eCRM) sectors with a Strong Buy rating on Siebel Systems, Inc. (SEBL--$150 1/4, a) and Buy ratings on E.piphany, Inc. (EPNY--$98 1/16, a), Xchange, Inc. (EXAP-$20 15/16, a), Primus Knowledge Corp. (PKSI-$48 1/4, a,c) and Embarcadero Technologies Inc. (EMBT-$17 7/16, a,c).

In addition, Bernstein has established the following 12-month price targets on each of her companies. Siebel`s target price of $190 is based on 22.1 times her fiscal 2001 revenue estimate of $2.15 billion. E.piphany`s price target of $125 is based on 25.6 times her fiscal 2001 revenue estimate of $200 million. Xchange`s price target of $30 is based on 8.5 times her 2001 revenue estimate of $127 million. Primus`s price target of $60 is based on 13.3 times her fiscal 2001 revenue estimate of $80 million. Embarcadero`s price target of $25 is based on 12.2 times her fiscal 2001 revenue estimate of $56 million.

Siebel Systems is the dominant vendor of customer relationship management (CRM) applications. E.piphany is a leading edge eCRM software vendor that provides marketing automation, customer analysis, campaign management, real-time decision solutions and eCustomer service. Xchange is an emerging leader in eCRM software, providing integrated-enterprise-customer-optimization software and solutions that analyze extracted customer data. Primus is a leading provider of eCRM software that enables companies to effectively manage all points of contact with their customers by providing self-service and assisted service through a single integrated system. Embarcadero Technologies is a leading developer of database-lifecycle-management software that helps companies construct, deploy and manage enterprise and e-databases.

The eCRM market is expected to reach $17 billion by 2003, exhibiting an explosive compound-annual-growth-rate of 96 percent.

"In our view, the explosive growth of the Internet combined with the increasing affordability of computer processing power is revolutionizing the way companies interact with their clients, suppliers and employees," said Bernstein. "Personalized customer interaction is of paramount importance to companies competing in the Internet age against competitors that are only one click away. The sizeable-sector-growth rates are driven by the fundamental changes in business interaction and expectations created by the web."

"In our view, Siebel is the dominant vendor in the overall eCRM applications market. The company is successfully developing its product lines to encompass a new eBusiness capability, and continues to grow at a high rate." said Bernstein. "In our opinion, Siebel should continue to trade at a substantial premium to the median of eCRM application vendors."

Sarah Bernstein joined U.S. Bancorp Piper Jaffray from First Union, where she was a Senior Equity Analyst covering the front-office applications space. She has more than 15 years of equity research and economics experience, having earned a Ph.D., in economics from the New School for Social Research in New York and a bachelor`s degree in politics from the University of California.


For more information, please go to www.gotoanalysts.com

[oilchange]

Also Leute , es ist schon erstaunlich wie die Entwicklung der Siebel Aktien in Deutschland bei den Anlegern wieder mal verschlafen wird.
Der Kurs steigt enorm aber das kommt alles wegen USA. Für uns Siebel Investoren kann das eigentlich nur gut sein, denn wenn eine Aktie in USA enorm steigt und hier noch nicht entdeckt ist, kommt auch in Deutschland irgendwann das große Erwachen.
Ich glaube, Siebel hat die großen Zeiten noch vor sich. CRM ist der absolute Hit der nächsten Jahre, nur in Deutschland hat man das noch nicht gemerkt.

[Alec]

Gestern abend kam auf Sat1 ein Bericht ueber den aktuellen Boersenboom und die Kleinanleger. Im Wesentlichen
langweilige Stimmungseinschaetzung aber interessant war der Einblick in ein der taeglichen Siztungen bei Union Invest. Fonds.
SAP untergewichten und stattdessen in Siebel umschichten. Das war doch mal ein Statement.

Sorry der Naechste istz ziemlich lang aber auch ziemlich informativ.

Is Siebel Systems a Rule Maker?

By Matt Richey (TMF Verve)
June 26, 2000

Software, soft drugs, soft drinks -- they`re all the stomping grounds of
high-margin Rule Makers. But of the three, I give my tip `o the Fool cap to
software. A successful software company such as Microsoft (Nasdaq: MSFT) or Yahoo! (Nasdaq: YHOO) has
barriers to entry and cash-generating firepower that are simply untouchable. It`s my personal belief that a
successful software company is the ultimate Rule Maker. But even better from an investment standpoint is when we
can identify an emerging software dynamo, one whose success has only begun to bloom. In that vein, today, let`s
take a closer look at Siebel Systems (Nasdaq: SEBL) , top dog in the fast-growing customer relationship
management (CRM) industry.

CRM might qualify as an "important emerging industry" a la the focus of Rule Breaker investors, but already Siebel
is showing glimpses of Rule Makerhood. Siebel`s market share is 21%, well ahead of runner-up Clarify/Nortel`s 6%
share. In the latest quarter, sales reached $309 million, up 115% from the year-ago figure. As with most software
outfits, margins are high and cash generation is excellent. Debt of $300 million is dwarfed by the $874 million in
cash. Divide the second by the first and we get a cash-to-debt ratio of 2.9, well ahead of our 1.5 benchmark. All
the makings of a Rule Maker.

Siebel shares have appreciated more than 400% in the past year, and the company as a whole is valued north of
$30 billion. So, the company will need to keep growing smartly in order to justify its rich valuation. In order to
figure out if Siebel is up to the task, John Del Vecchio (TMF Fuz) joins us today.

In a Fool Research report that will be available for free download on Wednesday, you`ll see that John put Siebel
through the Rule Maker paces and found it to meet 10 of our 11 criteria, missing the Foolish Flow Ratio
requirement by only a hair (1.28 vs. our 1.25 standard). In order to get a clearer idea of Siebel`s Rule Maker
potential, I picked John`s brain with some questions I had about Siebel and its competitive position.

TMF Verve: "CRM" -- what is this stuff? Break down the jargon for us, and give us a couple of
examples.

TMF Fuz: CRM applications help companies attract, retain, and leverage relationships with their
customers. The Internet is really about the customer, and online stores are expected to be open
for business 24 hours a day, 7 days a week. Comparison shopping is made easier by clicking
through to a competing offer on another site. So, attracting and retaining customers is more
crucial than ever before.

For example, I recently made an airline ticket purchase on Expedia.com for a trip to New York
City. All of the customer service aspects of the transaction were handled via e-mail (e.g., ticket
confirmation). In addition, Expedia followed up with me a couple of days later by extending an
offer for deals on hotel and car rental service. They also sent me a guide to New York City to
make my stay in New York a little bit more exciting. So, by selling me an airline ticket, they are
trying to leverage that transaction and sell me other services as well. Expedia has also sent me
promotions for trips that match my previous buying patterns. Whenever I am looking to buy an
airline ticket online, I naturally go Expedia first, because I like their customized service.

Amazon.com is another example. By comparing my purchasing habits with other customers on
the site, they can make product suggestions I may have never even considered. This is likely to
lead to increased sales for the company.

CRM applications may also be used to help salespeople in the field. For instance, CRM software
can provide timely information about inventories and product configurations to the sales force.
Better information about products and customers makes them more effective employees.

TMF Verve: On one hand, Siebel is the current market share leader, and by a wide margin at
that. On the other hand, the CRM space is absolutely rife with competition from both the
traditional enterprise resource planning (ERP) players like Oracle (Nasdaq: ORCL) , SAP (NYSE:
SAP) , and PeopleSoft (Nasdaq: PSFT) , as well as the newer Web software companies such as
Broadvision (Nasdaq: BVSN) . What`s given Siebel the upper hand thus far, and do you think
that advantage is sustainable?

TMF Fuz: Siebel was able to build a leading position rather quickly with the acquisition of
Scopus. Once a company gets ahead in technology markets, it often stays ahead until the next
killer application unseats its dominant position. Vantive and Clarify, both direct competitors, have
been acquired by PeopleSoft and Nortel (NYSE: NT) , respectively.

The ERP and database players want to build totally integrated solutions. This would include ERP
and CRM applications. The thinking here is that it is much easier for a customer to buy the whole
package from one vendor rather than try to integrate products from a slew of software vendors.
This approach appears to be working well at Oracle, and demand for their integrated suite should
be robust in the future.

However, Siebel has tried to mitigate the threat of integrated solution providers by building
connectors to software from vendors such as Oracle, J.D. Edwards (Nasdaq: JDEC) , and SAP.
This should make integration from different vendors easier on the part of the customer. Siebel
has also partnered with vendors in other areas such as i2 Technologies (Nasdaq: ITWO) in supply
chain management to leverage capabilities from leaders in other spaces of the e-business market
and make their products more attractive to customers. I think that Siebel can maintain their lead
through best-of-breed technology, acquisitions, and smart strategic partnerships.

TMF Verve: In your report, you note that Oracle is the big dog that most threatens to steal
Siebel`s bone. Oracle`s war chest of $7 billion is many times larger than that of Siebel.
Additionally, Oracle is in a position to offer a fully Web-enabled solution for both CRM and ERP.
What`s to stop Oracle from stealing Siebel`s business?

TMF Fuz: Oracle has consistently stated that they are stealing share from Siebel in this space, but
they have a long way to go to becoming number one. I would wait until mid-July when Siebel
reports its second-quarter results to see how fast their applications sales are growing. I question
how much functionality Oracle`s CRM applications may actually have, and how that affects
decisions to buy in the marketplace.

Siebel has many blue-chip customers, and once they purchase from Siebel, I believe they are
hesitant to switch to other vendors. Hence, I think Oracle`s real strength is with their installed
customer base. Stealing current Siebel customers will be a challenge on Oracle`s part. The
founder of Siebel Systems, Tom Siebel, was a legendary Oracle salesman, and I think he is
capable of handling the challenge from some bigger players.

TMF Verve: For all the competitive threats, Siebel`s revenue growth appears to be that of an
emerging leader. Growth accelerated from 84.6% in 1998 to 93.0% in 1999, and here in the
latest quarter, growth shot up to 119%. Are these numbers an indication that Siebel is close to
establishing a de facto standard in the CRM space?

TMF Fuz: The CRM space is one of the fastest-growing software sectors in the market, so a lot of
players may be experiencing some hypergrowth. But, in my opinion, it is very difficult to unseat
the market share leader in a particular space. We`ll have to wait until mid-July to determine
whether Siebel is increasing its share of the market. But, corporate buyers are likely to stick with
what they know. If they know Siebel as the place to go for CRM software, then they will go there
first. However, I do think Siebel is becoming the standard here, and I think the stock market
recognizes this by awarding Siebel a premium valuation.

TMF Verve: As a software company grows and gains scale, one of the most tangible
manifestations is in rising net profit margins. Yet, Siebel`s net margins actually took a slight dip in
the most recent quarter compared to that of a year ago (14.95% vs. 15.5%). What`s the story
here?

TMF Fuz: Siebel has been increasing their marketing expenses as well as the cost of professional
services and maintenance. I believe that selling software may be more of a marketing game than
actually having superior technology. Getting the value proposition out there in the market is likely
to lead to more sales. So, I don`t view this as a detriment to Siebel`s business, but rather a
necessity for survival. I still believe that Siebel`s net margins will be comfortably above the Rule
Maker criterion and possibly trend higher when scale really kicks in.

TMF Verve: Siebel`s Cash King Margin (CKM) was 11.6% in 1998, 9.7% in 1999, and then shot
into the stratosphere in the most recent quarter with an incredible 39% result. Was this quarter a
total aberration, or is it a more fundamental shift into higher cash profitability?

TMF Fuz: No, I do not see this as an aberration. Siebel had $62 million in deferred revenues
during the quarter. Backing this out of the equation still yields a CKM of about 28%. Due to the
scale inherent in Siebel`s business, cash from operations should continue to grow while capital
expenditures will remain relatively flat. Sales growth is likely to continue to outstrip the
company`s need to invest in fixed assets. Anything can happen in a particular quarter, but I would
expect a rising CKM on an annual basis.

TMF Verve: Great insights, John. Thanks so much.

For the full (and, again, FREE) report on Siebel, come back to our Stock Research page on Wednesday.