INDIANAPOLIS--Aug. 2, 2006--M2M Holdings Inc., the holding company that is jointly owned by Battery Ventures VI, L.P. and Thoma Cressey Equity Partners and whose primary asset is Made2Manage Systems Inc., an enterprise software and services company, today announced that its proposed merger with Onyx Software Corporation (Onyx) has been finalized. The all-cash transaction announced in early June was valued at $4.80 per share, or approximately $92 million. With the close of this transaction, Onyx has completed its transformation to a private company after seven years of being publicly traded on the NASDAQ stock exchange under the ONXS symbol.

"The acquisition of Onyx further solidifies our position as a leading enterprise software and services vendor with proven financial strength," said Jeff Tognoni, CEO of both Made2Manage Systems and Onyx Software Corporation. "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."

Onyx will operate organizationally as a business unit of its sister company, Made2Manage Systems, which houses several enterprise resource planning (ERP)-based product lines. As previously announced, Janice P. Anderson, former CEO of Onyx, will not continue with the business.

"The privatization of Onyx will allow us to eliminate the costs associated with being a public company and increase our focus on meeting customer needs, including delivering responsive customer service and support and pursuing the ongoing enhancement of the Onyx solution," said Tognoni. "Strategically, the company will have the ability to make longer term investments without concern to the short-term financial impact on shareholder value."

These investments will be fully backed by Onyx's financial partners, Battery Ventures and Thoma Cressey Equity Partners, which have significant financial resources and expertise in driving consolidation in the software industry. "We fully support Onyx's previously stated strategy to pursue growth opportunities, both organically and via acquisition," said Dave Tabors, general partner of Battery Ventures. "We plan to see Onyx become the flagship product in a CRM (customer relationship management) vendor consolidation effort."

The Onyx product line will continue to be enhanced, supported, maintained and sold. The company's robust product functionality and state-of-the art technology architecture, including a Microsoft .NET framework and Service-Oriented Architecture, is in line with Made2Manage Systems' technology strategy. "The architecture of the Onyx solution will make synergies extremely efficient--not only across acquired CRM products, but also across our ERP-based product lines that serve manufacturers and distributors," said Steve Bailey, Made2Manage Systems' chief technology officer.

"We're extremely pleased to solidify the partnership between Onyx and Made2Manage Systems," said Orlando Bravo, managing partner of Thoma Cressey Equity Partners. "Their combined expertise, size and strategic scope creates new value for both existing and future customers."

About Made2Manage Systems Inc.

Made2Manage Systems has a 20-year history of helping companies achieve and sustain productive operations, satisfied customers, and profitable results through technology and services. The enterprise software and services provider is dedicated to becoming a valued business partner by helping each and every customer continuously improve their business processes over time. Toward this mission, Made2Manage Systems invests in the people, processes, technology and tools needed to provide its customers with a unique combination of customer care; product fit; a broad range of consulting, IT and business services; and industry expertise. Made2Manage Systems serves more 4,300 customers worldwide and across a variety of industries, including manufacturing, distribution, financial services, health care, contact center, high tech and local government. For further information, visit www.made2manage.com, e-mail at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it , or call (800) 626-0220.