NEW ORLEANS – San Diego-based transportation and infrastructure management software maker Peregrine Systems is betting that demand for its services will help it more than double its revenues this year.
After a series of high profile acquisitions last year, including IBM’s Tivoli Service Desk software product, Peregrine posted revenues of $253 million – up from $30 million just four years ago. The company expects to generate $560 million this year and is projecting a target of $860 million for 2002 as it expects demand for its suite of products will grow.
“The aim of our products is simple: to help companies get down to the lowest cost of doing business,” said Steve Gardner, Peregrine’s CEO, in a videotape presentation at the company’s Synergy 2001 user conference. “Companies are discovering they need real-time infrastructure management capability – the ability to know what assets you own and where they are at any given time. That is ‘mission critical’ knowledge because how companies manage their physical assets affects the bottom line.”
Louis Blatt, senior vp and general manager of Peregrine’s E0-Markets Group, added that the company seeks to create a state of frictionless business to maximize the value of buyer, supplier and marketplace relationships – and believes the Internet will be one of its main tools to achieve that goal.
“The new [Internet] economy exists,” said Blatt. “But it will take a lot of hard work to get value out of it.”
To date, Peregrine said it handles $280 billion worth of transactions per year over its electronic commerce systems, logging in some 1.2 million transactions per day.
As part of its growth effort, Peregrine will introduce a new company logo sometime in the next few months.