SOURCE: Chordiant

February 20, 2007 09:00 ET

Chordiant Software Stockholders Approve Reverse Stock Split

CUPERTINO, CA -- (MARKET WIRE) -- February 20, 2007 -- Chordiant Software, Inc. (NASDAQ: CHRD), the leading provider of Customer Experience (Cx™) software and services, today announced that at a special meeting on February 15, 2007, stockholders, by a vote of 64 percent of the common shares outstanding in favor, approved a reverse stock split of the Company's common stock such that each outstanding two and one half (2.5) shares of common stock would be combined into and become one (1) share. The Company expects that the reverse stock split will be reflected on the NASDAQ Global Stock Market on Tuesday morning, February 20th.

As of November 30, 2006, there were 80,270,856 shares of Chordiant's common stock outstanding. With a 1 for 2.5 shares reverse stock split, the outstanding shares of common stock post reverse stock split would equal 32,108,342. The reverse stock split affects all of Chordiant's outstanding common stock and stock options.

"We believe the reverse stock split is in the best interests of Chordiant and its shareholders and will improve the trading liquidity in Chordiant's common stock. We are proud of Chordiant's financial progress and believe the reverse stock split is one more step in our process of delivering long-term shareholder value," said Steven R. Springsteel, chairman and chief executive officer.

About Chordiant Software, Inc.

Chordiant helps leading global brands such as HSBC, Barclay's, CIBC and Capital One deliver the best possible customer experience. Unlike traditional business applications, Chordiant Customer Experience (Cx) solutions blend insight with predictive desktop decisioning to uniquely understand the customer's behavior. This deeper understanding cultivates a lasting, one-to-one relationship that aligns the most appropriate value proposition to each consumer. With Chordiant Cx solutions, customer loyalty, operational productivity and profitability reach new levels of return. For more information, visit Chordiant at http://www.chordiant.com.

Chordiant is headquartered in Cupertino, California.

Safe Harbor Statement

This news release includes "forward-looking statements" that are subject to risks, uncertainties and other factors that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. Forward-looking statements in this release are generally identified by words, such as "believes," "anticipates," "plans," "expects," "will," "would," "guidance," "projects" and similar expressions which are intended to identify forward-looking statements. There can be no assurance that the reverse stock split will improve the trading liquidity in Chordiant's common stock. There are a number of important factors that could cause the results or outcomes discussed herein to differ materially from those indicated by these forward-looking statements, including, among others, whether Chordiant's customers will honor their contractual commitments, whether the Company will be able to achieve its revenue targets and market acceptance of its products. Further information on potential factors that could affect Chordiant are included in risks detailed from time to time in Chordiant's Securities and Exchange Commission filings, including, without limitation, Chordiant's Annual Report on Form 10-K for the period ended September 30, 2006, and Chordiant's most recent quarterly report on Form 10-Q. These filings are available on a Web site maintained by the Securities and Exchange Commission at http://www.sec.gov. Chordiant does not undertake an obligation to update forward-looking or other statements in this release.

Chordiant and the Chordiant logo are registered trademarks of Chordiant Software, Inc. The Customer Experience Company and Cx are trademarks of Chordiant Software, Inc. All other trademarks and registered trademarks are the properties of their respective owners.

Contact Information

  • Chordiant Investor Relations Contact:
    Steve Polcyn
    Chordiant Software, Inc.
    (408) 517-6282
    Email Contact