Pegasystems Acquires Chordiant

Cambridge, MA-based Pegasystems, a maker of business process management software, announced it will acquire Chordiant Software for about $161.5 million. The company will pay $5 a share for all outstanding shares of Cupertino, CA-based Chordiant, which also has offices in Bedford, NH, and specializes in customer experience management software. The Chordiant (NASDAQ: CHRD) and Pegasystems (NASDAQ: PEGA) boards unanimously approved the acquisition agreement, which is expected to close in the second calendar quarter of 2010. The Chordiant board rejected an unsolicited $3.46-per-share bid from CDC Software in January.

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