Chordiant loses cash but gains customers

NEWS Chordiant lost $9.4m for the last quarter but managed to cut cash losses and announced new customer wins. Net losses were up from the same quarter last year when the company lost £6.3m, but revenues were more than double at $23.8 this year against $11.6 for the previous year. Full-year revenues were $76m, 126 per cent up from the previous year. The company burned through $5.2m of cash during the quarter, leaving $51.1m in cash and other short-term investments. The company hopes to become cash flow positive at the end of the first half of 2002. Chordiant now has around 156 customers for its J2EE-based CRM systems, most of which are very large corporates in banking, telecoms and insurance. Speaking to silicon.com last week, chief executive Stephen Kelly outlined the company's ambition to move into the lucrative government CRM marketplace, hoping to sign up a major government department in the UK or US before the end of the year.