Shift in Customer Relationship Management Software Market: Moving from A Supply-based to a Demand-based Economy

Ekoniak Initiates Coverage of SEBL With a Buy Rating



Apr 30, 2001, 01:00 ET from U.S. Bancorp Piper Jaffray Inc.

    MENLO PARK, Calif., April 30 /PRNewswire/ -- U.S. Bancorp Piper Jaffray
 Senior Business Commerce and Software Analyst, Jon Ekoniak sees customer
 relationship management (CRM) clients becoming more demanding of their
 suppliers -- customized products, quicker turnaround and lower prices -- while
 at the same time being less loyal.  This change in demand is resulting in a
 fundamental shift in the CRM market.
     "In our opinion, we are clearly moving away from a supply-based economy to
 one that is demand-based," said Ekoniak.  "We believe the 'if you build it,
 they will come' mantra no longer holds true in the CRM market.  Companies must
 build products and offer services that customers want.  Therefore if an
 organization does not offer the customer the right product at the right price
 and deliver it in a rapid manner, the customer may go elsewhere, thus putting
 tremendous pressure on CRM software companies to fully understand their
 customers' needs."
     Ekoniak today initiated coverage of Siebel Systems, Inc. (Nasdaq:   SEBL-
 $45.70, #) with a Buy rating.  Siebel's suite of enterprise applications
 addresses the complete range of sales, marketing and service needs of a
 diverse range of enterprises worldwide.  Ekoniak believes Siebel is more than
 capable of meeting the challenges within the current CRM market and will
 continue to be the long-term leader in the space.
     "We expect Siebel to continue to gain market share, just as it has been
 doing for several years -- delivering impressive results and maintaining solid
 momentum," said Ekoniak.  "In addition, Siebel is one of the few enterprise
 application software companies to grow its business to well over $1 billion in
 revenues without experiencing a major roadblock along the way.  This is due to
 the company's almost flawless execution in a rapidly growing market sector."
     U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based U.S. Bancorp
 (NYSE:   USB), provides a full range of investment products and services to
 businesses, institutions and individuals.  The company's investment banking
 business has grown exponentially in the last several years by focusing on the
 needs of growth companies in the health care, technology, financial
 institutions, consumer and industrial growth sectors.  U.S. Bancorp Piper
 Jaffray has a national reputation for its expertise in fundamental research
 and equity and debt financing.  U.S. Bancorp offers a comprehensive range of
 financial solutions through U.S. Bank, First American Asset Management, U.S.
 Bancorp Investments and its Libra Division and U.S. Bancorp Piper Jaffray.
 Securities products and services offered through U.S. Bancorp Piper Jaffray,
 Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.
     Minneapolis-based U.S. Bancorp, with assets in excess of $160 billion, is
 the 8th largest financial services holding company in the United States.  The
 company operates 2,239 banking offices, approximately 5,200 branded ATMs, and
 provides a comprehensive line of banking, brokerage, insurance, investment,
 mortgage, trust and payments services products to consumers, businesses and
 institutions.  U.S. Bancorp is the parent company of Firstar Banks and U.S.
 Bank.  Visit U.S. Bancorp on the web at http://www.usbank.com and Firstar Bank
 at http://www.firstar.com .
     Some or all of the following hedges may pertain: (#)U.S. Bancorp Piper
 Jaffray Inc. makes a market in the company's securities. (~)A U.S. Bancorp
 Piper Jaffray Inc. officer, director, or other employee is a director and/or
 officer of the company. (@)Within the past three years, U.S. Bancorp Piper
 Jaffray Inc. was managing underwriter of an offering of, or dealer manager of
 a tender offer for, the company's securities or securities of an affiliate.
 (*) A registration statement relating to these securities has been filed with
 the Securities and Exchange Commission but has not yet become effective. These
 securities may not be sold nor may offers to buy be accepted prior to the time
 the registration statement becomes effective.  This communication shall not
 constitute an offer to sell or the solicitation of an offer to buy nor shall
 there be any sale of these securities in any state in which such offer,
 solicitation or sale would be unlawful prior to registration or qualification
 under the securities laws of any such state.  Additional information is
 available upon request.
 
     Not FDIC Insured   No Bank Guarantee   May Lose Value
 
     This material is based on data obtained from sources we deem to be
 reliable; it is not guaranteed as to accuracy and does not purport to be
 complete.  This information is not intended to be used as the primary basis of
 investment decisions.  Because of individual client requirements, it should
 not be construed as advice designed to meet the particular investment needs of
 any investor.  It is not a representation by us or an offer or the
 solicitation of an offer to sell or buy any security.  Further, a security
 described in this publication may not be eligible for solicitation in the
 states in which the client resides.  U.S. Bancorp and its affiliated
 companies, and their respective officers or employees, or members of their
 families, may own the securities mentioned and may purchase or sell those
 securities in the open market or otherwise.  In the United Kingdom, this
 report may only be distributed or passed on to persons of the kind described
 in Article 11(3) of the Financial Services Act 1986 (Investment
 Advertisements) (Exemptions) Order 1996 (as amended by the Financial Services
 Act 1986 (Investment Advertisements) (exemptions) Order 1997.
 
     U.S. Bancorp Piper Jaffray Inc. is a member of the National Association of
 Securities Dealers, CRD number 665.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X97518754
 
 

SOURCE U.S. Bancorp Piper Jaffray Inc.
    MENLO PARK, Calif., April 30 /PRNewswire/ -- U.S. Bancorp Piper Jaffray
 Senior Business Commerce and Software Analyst, Jon Ekoniak sees customer
 relationship management (CRM) clients becoming more demanding of their
 suppliers -- customized products, quicker turnaround and lower prices -- while
 at the same time being less loyal.  This change in demand is resulting in a
 fundamental shift in the CRM market.
     "In our opinion, we are clearly moving away from a supply-based economy to
 one that is demand-based," said Ekoniak.  "We believe the 'if you build it,
 they will come' mantra no longer holds true in the CRM market.  Companies must
 build products and offer services that customers want.  Therefore if an
 organization does not offer the customer the right product at the right price
 and deliver it in a rapid manner, the customer may go elsewhere, thus putting
 tremendous pressure on CRM software companies to fully understand their
 customers' needs."
     Ekoniak today initiated coverage of Siebel Systems, Inc. (Nasdaq:   SEBL-
 $45.70, #) with a Buy rating.  Siebel's suite of enterprise applications
 addresses the complete range of sales, marketing and service needs of a
 diverse range of enterprises worldwide.  Ekoniak believes Siebel is more than
 capable of meeting the challenges within the current CRM market and will
 continue to be the long-term leader in the space.
     "We expect Siebel to continue to gain market share, just as it has been
 doing for several years -- delivering impressive results and maintaining solid
 momentum," said Ekoniak.  "In addition, Siebel is one of the few enterprise
 application software companies to grow its business to well over $1 billion in
 revenues without experiencing a major roadblock along the way.  This is due to
 the company's almost flawless execution in a rapidly growing market sector."
     U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based U.S. Bancorp
 (NYSE:   USB), provides a full range of investment products and services to
 businesses, institutions and individuals.  The company's investment banking
 business has grown exponentially in the last several years by focusing on the
 needs of growth companies in the health care, technology, financial
 institutions, consumer and industrial growth sectors.  U.S. Bancorp Piper
 Jaffray has a national reputation for its expertise in fundamental research
 and equity and debt financing.  U.S. Bancorp offers a comprehensive range of
 financial solutions through U.S. Bank, First American Asset Management, U.S.
 Bancorp Investments and its Libra Division and U.S. Bancorp Piper Jaffray.
 Securities products and services offered through U.S. Bancorp Piper Jaffray,
 Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.
     Minneapolis-based U.S. Bancorp, with assets in excess of $160 billion, is
 the 8th largest financial services holding company in the United States.  The
 company operates 2,239 banking offices, approximately 5,200 branded ATMs, and
 provides a comprehensive line of banking, brokerage, insurance, investment,
 mortgage, trust and payments services products to consumers, businesses and
 institutions.  U.S. Bancorp is the parent company of Firstar Banks and U.S.
 Bank.  Visit U.S. Bancorp on the web at http://www.usbank.com and Firstar Bank
 at http://www.firstar.com .
     Some or all of the following hedges may pertain: (#)U.S. Bancorp Piper
 Jaffray Inc. makes a market in the company's securities. (~)A U.S. Bancorp
 Piper Jaffray Inc. officer, director, or other employee is a director and/or
 officer of the company. (@)Within the past three years, U.S. Bancorp Piper
 Jaffray Inc. was managing underwriter of an offering of, or dealer manager of
 a tender offer for, the company's securities or securities of an affiliate.
 (*) A registration statement relating to these securities has been filed with
 the Securities and Exchange Commission but has not yet become effective. These
 securities may not be sold nor may offers to buy be accepted prior to the time
 the registration statement becomes effective.  This communication shall not
 constitute an offer to sell or the solicitation of an offer to buy nor shall
 there be any sale of these securities in any state in which such offer,
 solicitation or sale would be unlawful prior to registration or qualification
 under the securities laws of any such state.  Additional information is
 available upon request.
 
     Not FDIC Insured   No Bank Guarantee   May Lose Value
 
     This material is based on data obtained from sources we deem to be
 reliable; it is not guaranteed as to accuracy and does not purport to be
 complete.  This information is not intended to be used as the primary basis of
 investment decisions.  Because of individual client requirements, it should
 not be construed as advice designed to meet the particular investment needs of
 any investor.  It is not a representation by us or an offer or the
 solicitation of an offer to sell or buy any security.  Further, a security
 described in this publication may not be eligible for solicitation in the
 states in which the client resides.  U.S. Bancorp and its affiliated
 companies, and their respective officers or employees, or members of their
 families, may own the securities mentioned and may purchase or sell those
 securities in the open market or otherwise.  In the United Kingdom, this
 report may only be distributed or passed on to persons of the kind described
 in Article 11(3) of the Financial Services Act 1986 (Investment
 Advertisements) (Exemptions) Order 1996 (as amended by the Financial Services
 Act 1986 (Investment Advertisements) (exemptions) Order 1997.
 
     U.S. Bancorp Piper Jaffray Inc. is a member of the National Association of
 Securities Dealers, CRD number 665.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X97518754
 
 SOURCE  U.S. Bancorp Piper Jaffray Inc.

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