As you know, the quiet period for Chordiant has ended, and Monday should bring some enthusiastic recommendations.
This SEC filing, which received little notice on Friday, will help get the ball rolling here. Appears that some rough spots have been ironed out between CHRD and Chase . Looks like good things are happening at Chordiant!
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
March 10, 2000
Chordiant entered into a license for its CCS product and related service
agreements with Chase Manhattan Mortgage Corporation. As discussed in the
Prospectus filed by Chordiant with the Securities and Exchange Commission on
February 15, 2000, Chase alleged a breach of the agreements between the
parties. At December 31, 1999, our outstanding receivable balance from Chase
was $1.7 million. On March 1, 2000, we agreed with Chase to terminate the
existing agreements between us, and Chase agreed to pay us the $1.7 million
receivable balance under the agreements as of December 31, 1999. The parties
also entered into a separate agreement whereby Chase transferred to us
ownership of certain technology and intellectual property developed by the
parties under our prior agreements. Chordiant intends to use this technology
to add additional functionality to our core CCS product as well as develop and
market a credit and collections application for the financial services
industry. We agreed to pay Chase $3.5 million for the intellectual property
rights to the technology. Chase retains an option to purchase a license to the
credit and collections application when it is made commercially available by
Chordiant. Chase has also agreed to assist Chordiant by providing certain
consulting services in designing the application.
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