Citigroup Inc. has agreed to use lending software and support services from Chordiant Software Inc.
Chordiant in Cupertino, Calif., said in a regulatory filing last week that its contract with the New York company’s Citicorp Credit Services Inc. unit would give it a $20 million software license fee in 2006 and as much as $50 million by 2012.
Steve Springsteel, Chordiant’s chairman, president, and chief executive, said during an earnings call with analysts that the first deployment would be in Citi call centers and branches.
The contract includes a collections application, now under development, that is expected to be available in mid-2007, Chordiant said.
The contract could have a major impact on Chordiant, which estimated that its revenue would be $97.5 million in the fiscal year ended Sept. 30. Chordiant is behind on its financial filings because of a restatement related to the backdating of stock option grants.
