Mergers and Acquistions News
Categories: Software
March 15th 2010, 16:58PM
Business process management (BPM) software provider Pegasystems is to acquire Chordiant Software, which provides customer relationship management software (CRM) and services.
Under the terms of the deal, Pegasystems will make a cash tender offer for $5 (£3.32) per share of Chordiant common stock, to a total purchase price of approximately $161.5 million (£107.4 million).
It is believed that as a result of the acquisition, the combined company will be able to offer its global customer base a series of complementary solutions, including Pegasystems' Build for Change technology alongside Chrodiant's decision management software.
"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 chief executive officer of Pegasystems.
"We are excited to add Chordiant's technology and domain expertise to bolster our previously announced investment plans in BPM and CRM."
In February, Pegasystems announced its tenth consecutive quarterly record revenue of $72.9 million (£48.5 million).
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