In an effort to extend the reach of its offerings, Peregrine Systems has acquired service management and customer relationship management providers Remedy. Under the terms of the agreement, Peregrine will acquire all of the outstanding equity of Remedy in exchange for a combination of cash and shares. The deal is valued at around US$1.08 billion.
“We are delighted to reach agreement with Remedy on an acquisition that will allow us to serve a broader range of customers with an expanded line of products and development platforms,” said Steve Gardner, Peregrine’s chairman and CEO. “We plan to enhance and integrate Remedy technologies as part of our lifecycle infrastructure management offerings to meet growing market demand for these capabilities.”
“In addition, Remedy contributes a powerful distribution channel to small and midsize customers. We stand committed to supporting that channel, ensuring that customers achieve the same competitive benefits we offer in helping larger enterprises achieve a state of frictionless business,” added Gardner.
“Our customers will be delighted to learn that Peregrine will adopt the AR System as a major component of its environment for creating and extending solutions, and is committed to delivering the new AR System 5.0 during the fourth quarter of this year, and to accelerating planned innovations in integration technology,” said Larry Garlick, CEO, Remedy.
As well as extending Peregrine’s product offering, the acquisition will allow the company to add Remedy’s client base to its own and provide them with an entry point to the small and medium sized business market.
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