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Siebel Holders OK Oracle Buyout

Nearly 99% of the votes cast approve the merger.
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The shareholders of Siebel Systems


have overwhelmingly approved the company's acquisition by


(ORCL) - Get Oracle Corporation Report

for $10.66 a share, or $3.61 billion net of cash on hand.

The end of the software maker's 11-year run came at an undramatic special shareholder meeting that lasted less than 10 minutes Tuesday. Just under 99% of the shares cast, which represented 67% of the company's 538 million shares outstanding, were in favor of the takeover.

"It's been the professional experience of a lifetime to serve you all," said founder and Chairman Tom Siebel as he closed the meeting.

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It wasn't immediately clear when Siebel shares would stop trading. Most recently, they were off a penny to $10.63, while shares of Oracle were down 13 cents, or 1%, to $12.48.

Siebel, which practically invented the category of customer relationship management software, has floundered for several years, as larger players, such as German giant


(SAP) - Get SAP SE Report

and smaller, nimbler competitors like

(CRM) - Get, inc. Report

took aim at its customer base with increasing success.