Pegasystems' total purchase price will be approximately $161.5 million, expected to close in the second calendar quarter of 2010, per the terms of the agreement.
Chordiant reported revenue of $76.3 million and $52.3 million in cash and investments for 2009. The boards of directors of both Pegasystems and Chordiant unanimously approved the definitive agreement.
The expanded global customer base will 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 and CRM assets. The combination of the two companies would allow an expanded partner network new opportunities and incremental growth.
“This combination creates a broader portfolio which will offer an expanded client base new capabilities to meet next-generation CRM needs,” said Alan Trefler, founder and CEO of Pegasystems in a statement. “We are excited to add Chordiant’s technology and domain expertise to bolster our previously announced investment plans in BPM and CRM.”
Steven Springsteel, chairman, president and CEO of Chordiant Software commented in the news release, “We expect that our customer base will welcome this news."
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