News

JAN 9, 2001, M2 Communications - CUPERTINO, Calif., and CAMBRIDGE, Mass. -- Chordiant Software, Inc. (NASDAQ: CHRD), a leading developer of Unified CRM (Customer Relationship Management) Solutions, today announced that it has signed a definitive agreement to acquire Prime Response, Inc. (NASDAQ, EASDAQ: PRME), a leader in business-to-consumer relationship marketing. The combined company would be called Chordiant Software, Inc., and its common stock would trade on the NASDAQ National Market under the ticker symbol CHRD.

Under the terms of the agreement, each share of common stock of PrimeResponse will convert into 0.60 of a share of Chordiant common stock. Chordiant expects to issue approximately 12.3 million new shares of common stock in the transaction - valued at approximately $33 million, based on the closing price of its common stock on January 5, 2001 - and assume options and warrants to acquire approximately 1.5 million additional shares. Also under the terms, Sam Spadafora, chairman and chief executive officer of Chordiant, would continue in these positions, and a director designated by PrimeResponse would join the Chordiant board of directors.

Source CNET

Note from the editor: Is this a beginning of CRM consolidation?