Vancouver’s Pivotal Corp bought by US VC firm

Pivotal Corp, a struggling Vancouver-based provider of customer relationship management software for mid-sized enterprises, has been acquired by Oak Investment Corp, Palo Alta CA, for $48 million. It will be merged with Talisma Corp, Kirkland WA, another Oak holding, to create a privately held firm of 700 employees and annual revenue of about $100 million. The sale to Oak, a venture capital firm specializing in early-stage and selective restarts or recapitalizations of later-stage information technology companies, follows a search for a buyer conducted by RBC Dominion Securities. Pivotal lost $27.6 million last year on revenue of $56.1 million....