Callidus Software Inc. (CALD) has completed the acquisition of 2,003,800 common shares of ForceLogix Technologies Inc. at a price of CDN$0.075 per share.
ForceLogix is a Canada-based public company that delivers on-demand sales management process optimization solutions for sales organizations.
Based in California, Callidus Software Inc. provides sales performance management (SPM) software and services in the United States and internationally. Its SPM systems are used to monitor and analyze sales performance and incentive compensation management programs.
In December 2009, Callidus purchased 2,639,000 units of ForceLogix for an aggregate of $250,000. Each unit consisted of one common share and a warrant to purchase an additional 1,979,250 shares. As of Dec 31, 2009, Callidus owned 5% of the outstanding common shares of ForceLogix.
As a result of the acquisition, Callidus now holds an aggregate of 6,622,050 shares. This assumes the exercise of the warrant, which represents approximately 12.1% of outstanding common shares of ForceLogix. The acquisition was made by Callidus through its wholly-owned subsidiary, Callidus Software Canada Inc., by the issuance of shares from ForceLogix’s treasury.
Meanwhile, Callidus also launched its new Sales Coaching solution. This new Software as a Service (SaaS) product is powered by ForceLogix and will enable businesses to coach and optimize their sales force’s execution as part of a comprehensive sales performance management solution.
Callidus has received exclusive rights to be the only SPM vendor to sell ForceLogix’ Sales Force Optimizer solution. The agreement was signed in the second quarter of 2010.
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