• Peregrine Systems Buys Smaller Rival

    Asset-management software company Peregrine Systems Inc. today agreed to buy rival Remedy Corp. for $1.08 billion in cash and stock to gain access to its small and mid-size customers. Peregrine's software is also used by businesses to exchange goods, while Remedy makes help-desk and customer-service programs. Peregrine gains about 5,000 new customers through the purchase. “We know this is a relatively
    June 11, 2001
    Asset-management software company Peregrine Systems Inc. today agreed to buy rival Remedy Corp. for $1.08 billion in cash and stock to gain access to its small and mid-size customers.

    Peregrine's software is also used by businesses to exchange goods, while Remedy makes help-desk and customer-service programs. Peregrine gains about 5,000 new customers through the purchase.

    “We know this is a relatively large acquisition and as such will draw some skepticism,” Peregrine chairman & CEO Stephen Gardner said on a conference call. “We believe the risk/reward is very heavily tilted toward the reward.”

    Shares of San Diego-based Peregrine fell $4.82, or 17%, to $23.99 in late morning trading. They had risen 46% this year. Mountain View, California-based Remedy rose $11.43, or 62%, to $29.77. The stock had risen 11% this year.

    The acquisition is expected to close in late August or early September.

    Voice your opinion!

    To join the conversation, and become an exclusive member of FleetOwner, create an account today!

    Sign up for our free eNewsletters

    Latest from News

    ID 119046131 © Jonathan Weiss | Dreamstime.com
    English language proficiency support
    A FleetOwner survey illustrates how industry readers view the government renewed English language proficiency enforcement. Respondents overwhelmingly support ELP in out-of-service...
    Daimler Truck
    Daimler and Volvo's Coretura leadership
    Two of the largest global truck OEMs have established a joint venture to develop one software-defined vehicle platform, bringing standardization to the industry. While the company...
    Nissan
    Lofaro succeeds Judy Wheeler, who is retiring after nearly 15 years of dedicated service to the brand.
    Major leadership changes are happening for Mack Trucks, Volvo Trucks North America, and Nissan Americas.