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Enterprise software specialist CDC has made an offer to acquire Chordiant Software just days after its president used a Q4 forecasting statement to reveal it would be acquisitive.
CDC has already picked up three companies to bolster its SaaS capabilities but is stumping up for a cash and stock transaction valued at $105.1m for a company that operates in the customer experience market providing a front end for banks and large retailers.
Chordiant shareholders are being given options of 40% cash and 60% shares or 50/50 split. The rationale for the deal is to use Chordiant's front-end with CDCs back end enterprise software.
Peter Yip, CEO of CDC Software, said that the deal was a good one compared to the market value and it would help take Chordiant into global markets.
“Both companies have several complementary vertical markets, and particularly share many common customers in the financial services market. CDC Software and Chordiant also have minimal geographic overlap," he said.
"CDC Software can provide the scale that Chordiant has been seeking in recent months as was evident by its recent acquisition attempts," he added.
At the start of this week CDC revealed that license revenue had grown in its fourth quarter by 30% compared to Q3 as vertical markets started spending on enterprise software again.