Pegasystems Inc., a provider of business process management (BPM) software solutions, and Chordiant Software, Inc., a provider of customer relationship management (CRM) software and services, have announced they have entered into a definitive agreement for Pegasystems to acquire Chordiant.
Under the terms of the agreement, Pegasystems will make a cash tender offer of $5.00 per share for all outstanding shares of Chordiant common stock for a total purchase price of up to approximately $161.5 million, assuming all outstanding shares are tendered. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in Q2 2010.
According to Pegasystems, its Build for Change technology is fueling widespread BPM adoption and being widely used to improve customer experience, and Chordiant's predictive decision management solutions are recognized for delivering increased customer lifetime value to their clients. Through the acquisition, Chordiant clients will be able to incorporate Pegasystems intent-driven process automation to enhance customer experience in their existing foundation and marketing solutions. Pegasystems' clients can take advantage of Chordiant's predictive decision management solutions, extensive CRM assets, and expertise in customer experience.
Many global systems integrators, who are part of Pegasystems' alliance program, have also built practices around Chordiant software. The combination of the two companies is expected to enable an expanded partner network to enhance their practices and realize incremental growth.
For more information about Chordiant, go here.
For information about Pegasystems, go here.