Pegasystems is to buy Chordiant Software. Under the terms of the agreement, Pegasystems will make a cash tender offer of $5.00 (£3.32) per share for all outstanding shares of Chordiant common stock for a total purchase price of up to approximately $161.5 million (£107.2 million), assuming all outstanding shares are tendered.

Chordiant reported revenue of $76.3 million (£50.7 million) and $52.3 million (£34.7 million) of cash and investments for its four quarters ended December 31, 2009. The boards of directors of both Pegasystems and Chordiant unanimously approved the definitive agreement.

Pegasystems offers business process management systems while Chordiant provides predictive decision management systems.