Agreement Provides for Co-marketing of Verbind's Behavioral Targeting
System with Chordiant's Unified CRM Solution to Enhance Attrition
Chordiant Software, Inc. (Nasdaq: CHRD), a provider of unified customer
relationship management (CRM) solutions for companies with extreme
customer demands, today announced an agreement with Verbind, Inc. to
co-market LifeTime®, Verbind's real-time behavioural targeting system,
along with Chordiant's Unified CRM Solution.
Verbind's patented technology offers businesses the ability to quickly
recognise customers at risk of defection on the basis of significant
changes in their individual patterns of behaviour. Verbind's LifeTime
product enables companies to examine customer behaviour as a sequence of
events, which allows immediate detection of attrition risk along with
dramatic improvement of cross- and up-sell success rates.
"Our intention is to offer methods to better understand customer behaviour
and ultimately deliver timely and relevant communication with all
customers based on individual behaviour patterns," said Sam Spadafora, CEO
for Chordiant Software. "By combining Verbind's attrition management
solution with our unified CRM offering, customers will be able to create a
more holistic view of their customers."
For example, when a credit card company issues a card to a new customer
with a low introductory interest rate, the intent is to keep that customer
after the rate increases in six months. Before the six-month introductory
period ends, the Verbind system will note any changes in the card user's
behaviour such as fewer purchases and multiple balance checks - a sign of
potential defection. By monitoring this behaviour, the credit card company
could offer specific discounts on future purchases or a better interest
rate to proactively retain the customer, and, in the future, formulate
more effective marketing campaigns based on buying habits. The result is
the credit card company retains the customer and gains insight to better
serve consumers, and the cardholder has a credit card tailored to
individual purchasing needs.
The combined offering of Verbind's patented behavioural targeting system
with Chordiant's Unified CRM Solution would allow marketing/managers a
real-time, single view of the customer across the enterprise enabling the
development of individually targeted marketing campaigns based on customer
interaction and behaviors. The goal for Chordiant and Verbind is to
provide to their joint customers the functionality to monitor
behaviour-based data to identify at-risk customers, develop highly
targeted outbound retention campaigns, and then interact with those
customers in a consistent and personalised manner over any communications
channel they choose.
"Our partnership with Chordiant Software strongly reinforces our strategy
of providing real-time behavioural targeting solutions that complement and
greatly enrich a company's existing CRM investments," said Huib Geerlings,
Founder and CTO of Verbind. "Today's announcement demonstrates a strong
commitment by both companies to exploit the rapidly emerging generation of
real-time, behaviour-based customer management technologies to provide
customers with unprecedented levels of personalised service and support."
About Verbind, Inc.
Verbind (www.verbind.com) is the leading supplier of customer behavioural
targeting solutions that drive personalised dialogues from a
comprehensive, unified and actionable customer context. Verbind's
real-time solutions synthesise offline and online customer interactions,
monitor activity and non-activity, and trigger messages when they are most
relevant. Not only are companies able to track when customer behavioural
trends reveal business opportunities and threats, but they are also able
to reach the right customer with the right message at the right time.
Verbind is headquartered in Lexington, Massachusetts.
About Chordiant Software, Inc.
Chordiant (www.chordiant.com) delivers a unified CRM solution for
companies with extreme customer demands. Chordiant's solution is designed
to solve the needs of complex businesses serving millions of individual
customers with the objectives of retaining, growing and building lifetime
Whether communicating by email, Web, telephone, or wireless access,
Chordiant Unified CRM Solution provides a real-time, single view of each
customer and a consistent, personalised message for every interaction. It
includes a comprehensive business process engine, which allows companies
to implement best business practices across multiple touchpoints.
Chordiant empowers high-value contacts designed to retain customers, grow
revenue and drive profits during every contact.
The Chordiant system has been selected by several of the world's leading
consumer companies, including Barclays, BSkyB, Direct Line, First USA
Bank, OnStar, Halifax Card Services, Lloyds TSB and MetLife. Headquartered
in Cupertino, California, Chordiant maintains regional offices in Chicago,
Dallas, New York, London, Amsterdam and Munich.
Chordiant Software, Inc. announced on January 8, 2001 that it signed a
definitive merger agreement to acquire PrimeResponse, Inc. (NASDAQ,
EASDAQ: PRME), a leader in business-to-consumer relationship marketing.
The combined company would be called Chordiant Software, Inc., and its
common stock would trade on the NASDAQ National Market under the ticker
symbol "CHRD". Completion of the transaction is subject to customary
closing conditions, including approval by the respective stockholders of
Chordiant and PrimeResponse and the receipt of regulatory approvals.
Chordiant expects to complete the transaction in the second quarter of
This press 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. For this purpose, any statements contained in
this press release that are not statements of historical fact may be
deemed to be forward-looking statements. Words such as "believes,"
"anticipates," "plans," "expects," "will," "would," and similar
expressions are intended to identify forward-looking statements. There
are a number of important factors that could cause the results of
Chordiant to differ materially from those indicated by these
forward-looking statements, including, among others, risks detailed from
time to time in the company's respective Securities and Exchange
Commission reports, including Chordiant's Quarterly Report on Form 10-Q
for the quarter ended December 31, 2000, and Chordiant's final prospectus
for its initial public offering filed on February 15, 2000. Factors that
could cause or contribute to such differences include, but are not limited
to, risks related to customer and market acceptance of our products,
deployment delays or errors associated with these products, hardware
platform incompatibilities, reliance on a limited number of customers for
a majority of revenue, need to maintain and enhance certain business
relationships with application integrators and other parties, ability to
manage growth, activities by Chordiant and others regarding protection of
proprietary information, release of competitive products and other actions
by competitors, and economic downturns in either domestic or international
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