Cambridge, Mass.-based Pegasystems Inc., a provider of business process management (BPM) software, has acquired Cupertino, Calif.-based Chordiant Software, Inc., a provider of claims management and business acquisition software to the insurance industry.
Through its subsidiary, Maple Leaf Acquisition Corp., Pegasystems made a cash tender offer for all outstanding shares of common stock of Chordiant.
“We are pleased with the successful completion of the tender offer and look forward to quickly closing this important transaction,” Alan Trefler, founder and CEO of Pegasystems, said in a statement. “The broader portfolio of the combined organization will deliver more powerful solutions that today’s businesses are looking for to enhance customer experience and drive profitable growth. Pegasystems is committed to continuing our history of innovation and business transformation to better serve the needs of the world’s leading organizations.”
Upon completion of the merger, Chordiant will become a wholly owned subsidiary of Pegasystems.
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