January 26, 2001, 4:34 PM — TWO CRM (CUSTOMER relationship management) companies, Chordiant and Onyx, are beefing up their offerings by acquiring smaller vendors.
Chordiant announced late Monday that it will buy PrimeResponse, a fixture in the business-to-customer relationship marketing arena. The deal is valued at $33 million, with each share of PrimeResponse common stock being converted into .60 of a share of Chordiant stock. Cupertino, Calif.-based Chordiant plans to issue approximately 12.3 million new shares of common stock, according to company officials.
Chordiant Chairman and CEO Sam Spadafora, who will retain those titles in the newly formed company, said the combination of Chordiant and Cambridge, Mass.-based PrimeResponse, which develops the PrimeVantage relationship marketing suite, will be a powerful force on the unified CRM infrastructure front.
"The acquisition would further Chordiant's stated mission to provide the most complete, unified CRM solution that can service millions of individual customers," Spadafora said in a statement. "Our customers and prospects have an absolute imperative to 'play-to-win' in their markets by leveraging their service and marketing business processes and expertise."
Meanwhile, Onyx announced that it would acquire RevenueLab, which builds solutions intended to enable companies to track revenue streams and acquire new ones. Officials at Onyx said the acquisition would push the Bellevue, Wash. company further into the high end of the CRM market.
Onyx officials did not release details of the RevenueLab acquisition early Tuesday, but planned an afternoon conference call to elaborate on the deal.