Pegasystems pays up to $162M to buy Chordiant

By Mass High Tech staff

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Pegasystems Inc., an enterprise software company in Cambridge, has signed a deal to acquire California-based Chordiant Software Inc. for up to $161.5 million.

The cash tender offer was made for $5 per share of outstanding Chordiant common stock shares and is planned to close in the second quarter of 2010.

Pegasystems has defied the economy with ten consecutive quarters of record revenue. As of last May, Pegasystems CEO and chairman Alan Trefler noted plans to add about 200 workers, including 100 in Massachusetts.

A news release from the two companies today indicated that the acquisition would “enable an expanded partner network to enhance their practices and realize incremental growth.” Both companies’ board of directors gave unanimous approval for the buyout.

Chordiant Software (Nasdaq:CHRD) develops software to measure business strategy success aimed at improving the customer experience.

Pegasystems (Nasdaq: PEGA) develops business process management software, including its SmartBPM suite, intended for easy building of enterprise applications.

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