Chordiant Software to Buy PrimeResponse for $36.4 Mln in Stock
Cupertino, California, Jan. 8 (Bloomberg) -- Chordiant Software Inc., a maker of applications to manage customer accounts, agreed to buy PrimeResponse Inc. for about $36.4 million in stock to add marketing software products.
Chordiant will pay 0.6 share, valued at $1.65 based on today's closing price, for each PrimeResponse share. That's less than PrimeResponse's closing price of $1.69 today.
The acquisition will allow Chordiant to add programs that help companies target and market their products to individuals, Chordiant said. Cambridge, Massachusetts-based PrimeResponse, which employs about 225 people, will reduce its headcount through an unspecified number of layoffs and attrition, said Steven Gal, PrimeResponse's vice president of marketing.
PrimeResponse's shares have fallen 91 percent since an initial public offering last March. Cupertino, California-based Chordiant's shares have fallen 85 percent since an IPO in February.
PrimeResponse shares rose 31 cents to $1.69 today. Chordiant shares rose 6 cents to $2.75. The news was released after the close of regular U.S. trading.
Jan/08/2001 17:06 ET
For more stories from Bloomberg News, click here. |
