Peregrine Systems

Last updated
Peregrine Systems, Inc.
Industry Computer software
Founded1981;43 years ago (1981)
Irvine, California, U.S.
FoundersChris Cole
Gary Story
Ed Beck
Kevin Keyes
Richard Diederich
FateAcquired by Hewlett-Packard in 2005 (2005)
Headquarters San Diego, California, U.S.
ProductsIT Management Software

Peregrine Systems, Inc. was an enterprise software company, founded in 1981, that sold enterprise asset management, change management, and ITIL-based IT service management software. Following an accounting scandal and bankruptcy in 2003, Peregrine was acquired by Hewlett-Packard in 2005. [1] Micro Focus which merged with the HP Software Division in 2017, later marketed the Peregrine products as part of its IT Service Management solutions. Micro Focus was acquired by OpenText in 2023.

Contents

History

Peregrine Systems was founded in 1981 in Irvine, California. The founders and employees were Chris Cole, Gary Story, Ed Beck, Kevin Keyes and Richard Diederich. They started selling Peregrine Network Management System (PNMS) on a Series One computer while developing an MVS version. The MVS client/server solutions for PNMS became available in 1995. [2]

In 1989, John Moores, founder of BMC Software and owner of the San Diego Padres Major League Baseball team, became a member of the Peregrine board of directors. He served as chairman from March 1990 through July 2000 and then again in 2002. [3] He resigned from the board in 2003 during the company's bankruptcy filing. [4] His involvement in the software industry continues today with investments through his venture capital firm JMI Equity. The legacy of his investments has been focused on ITSM software packages with the most recent investments made in ServiceNow. [5]

Peregrine had offices in the Americas, Europe and Asia Pacific and grew its product line rapidly both organically and via acquisitions, including Harbinger Corporation in 2000, [6] [7] and Remedy Corporation in 2001. [8] [9]

Fraud

In 2004, a federal grand jury issued an indictment charging eight former executives of Peregrine Systems, Inc., one former outside auditor of Peregrine, and two outside business partners of Peregrine, with conspiracy to commit a multibillion-dollar securities fraud. The case resulted from an investigation by the Federal Bureau of Investigation, and the Securities and Exchange Commission had pursued a parallel civil enforcement action. [10]

In 2003, the U.S. Securities and Exchange Commission charged Peregrine with "massive financial fraud" for the purposes of inflating the company's revenue and stock price. [11] Peregrine, without admitting or denying the allegations of the complaint, agreed to a partial settlement. [12]

Peregrine filed suit against its auditor Arthur Andersen in 2002 for $1 billion in damages, for allegedly allowing incorrect audits that overstated revenues by as much as $250 million to be filed for the 2000-2002 fiscal years. [13] In 2003, the former Peregrine CFO, Matthew Gless, pleaded guilty to fraud charges. [14] [15] In 2008, the former Peregrine CEO, Stephen Gardner, was sentenced to eight years and one month in prison for his role in the fraud, which resulted in bankruptcy for the company. [16] [17] Although former chairman of the board, John Moores, sold more than $800 million of shares during Peregrine's fraudulent period, the court of appeals determined that there was insufficient evidence that Moores knew about the fraud that led to the company's bankruptcy. [18]

Sentences

Charges dismissed:

Bankruptcy

Peregrine filed for Chapter 11 protection on September 23, 2002, after laying off 1400 employees, or nearly half its workforce. [38] When Peregrine filed for federal bankruptcy protection and eventually canceled its common stocks, more than $4 billion in shareholder equity was lost. [39] After filing, the company sold the Remedy division of the company to BMC Software for more than $300 million. Peregrine exited Chapter 11 reorganization in August 2003, and the president and CEO, Gary Greenfield, left the company. Retired software executive John Mutch became president and CEO in August 2003. [40]

Sale to HP

Hewlett-Packard acquired Peregrine Systems in 2005 for $425 million. [41] The Peregrine products are now sold as part of the HP IT Management Software (BTO) portfolio within the HP Software Division.

Products

Related Research Articles

<span class="mw-page-title-main">Oracle Corporation</span> American multinational computer corporation

Oracle Corporation is an American multinational computer technology company headquartered in Austin, Texas. In 2020, Oracle was the third-largest software company in the world by revenue and market capitalization. In 2023, the company’s seat in Forbes Global 2000 was 80. The company sells database software and cloud computing. Oracle's core application software is a suite of enterprise software products, such as enterprise resource planning (ERP) software, human capital management (HCM) software, customer relationship management (CRM) software, enterprise performance management (EPM) software, Customer Experience Commerce and supply chain management (SCM) software.

<span class="mw-page-title-main">Novell</span> 1980–2014 American multinational software and services company

Novell, Inc. was an American software and services company headquartered in Provo, Utah, that existed from 1980 until 2014. Its most significant product was the multi-platform network operating system known as Novell NetWare.

<span class="mw-page-title-main">CA Technologies</span> American software company (1976–2018)

CA Technologies, Inc., formerly Computer Associates International, Inc., and CA, Inc., was an American multinational enterprise software developer and publisher that existed from 1976 to 2018. CA grew to rank as one of the largest independent software corporations in the world, and at one point was the second largest. The company created systems software that ran in IBM mainframe, distributed computing, virtual machine, and cloud computing environments.

<span class="mw-page-title-main">HP Autonomy</span> British software company

HP Autonomy, previously Autonomy Corporation PLC, was an enterprise software company which was merged with Micro Focus in 2017 and OpenText in 2023. It was founded in Cambridge, United Kingdom in 1996.

Lernout & Hauspie Speech Products (L&H) was a Belgium-based speech recognition technology company, founded by Jo Lernout and Pol Hauspie, that went bankrupt in 2001 because of a fraud engineered by the management. The company was based in Ypres, Flanders, in what was later called Flanders Language Valley.

Enterasys Networks, Inc. was an American networking company. Enterasys products included networking equipment ranging from routers, switches, and IEEE 802.11 wireless access points and controllers. The company formed in March 2000 as a spin-off of Cabletron Systems.

HP OpenView is the former name for a Hewlett-Packard product family that consisted of network and systems management products. In 2007, HP OpenView was rebranded as HP BTO Software when it became part of the HP Software Division. The products were available as various HP products, marketed through the HP Software Division. HP Software became part of HPE after the HP/HPE split and HPE Software was eventually sold to MicroFocus.

<span class="mw-page-title-main">Remedy Corporation</span>

Remedy Corporation was a software company that produced the Action Request System and various applications therein. It is one of the biggest and oldest names in ITSM software. Remedy is now the Service Management Business Unit of BMC Software.

<span class="mw-page-title-main">BMC Software</span> American enterprise software company

BMC Software, Inc. is an American multinational information technology (IT) services and consulting, and Enterprise Software company based in Houston, Texas.

<span class="mw-page-title-main">Opsware</span> Software company

Opsware, Inc. was a software company based in Sunnyvale, California, that offered products for server and network device provisioning, configuration, and management targeted toward enterprise customers. Opsware had offices in New York City, Redmond, Washington, Cary, North Carolina, and an engineering office in Cluj, Romania.

Richard Marin Scrushy is an American businessman and convicted felon. He is the founder of HealthSouth Corporation, a global healthcare company based in Birmingham, Alabama. In 2004, following an investigation by the Federal Bureau of Investigation (FBI), Scrushy was criminally charged by the U.S. Securities and Exchange Commission (SEC). Scrushy was charged with 36 of the original 85 counts but was acquitted of all charges on June 28, 2005, after a jury trial in Birmingham.

Harbinger Corporation was a leader in e-commerce software and network services. Founded in December 1983 by C. Tycho Howle and David Leach as Computer Technologies for the Home in Atlanta, Georgia, it went public in August 1995. It was purchased by Peregrine Systems on 16 June 2000. Originally located at 1800 Century Place, the company relocated to 1055 Lenox Park Blvd. in the early 1990s.

CUC (Comp-U-Card) International Inc. was a membership-based consumer services conglomerate with travel, shopping, auto, dining, home improvement and financial services offered to more than 60 million customers worldwide based in Stamford, Connecticut, US, and founded in 1973 by Kirk Shelton and Walter Forbes. In 1998, it became involved in a Securities and Exchange Commission investigation into what, at the time, was the biggest accounting scandal in corporate history.

<span class="mw-page-title-main">Mercury Interactive</span> Israeli company

Mercury Interactive Corporation was an Israeli company acquired by the HP Software Division. Mercury offered software for application management, application delivery, change and configuration management, service-oriented architecture, change request, quality assurance, and IT governance.

<span class="mw-page-title-main">F5, Inc.</span> U.S. information technology company

F5, Inc. is an American technology company specializing in application security, multi-cloud management, online fraud prevention, application delivery networking (ADN), application availability & performance, network security, and access & authorization.

<span class="mw-page-title-main">SafeNet</span> Information security company

SafeNet, Inc. was an information security company based in Belcamp, Maryland, United States, which was acquired in August 2014 by the French security company Gemalto. Gemalto was, in turn, acquired by Thales Group in 2019. The former SafeNet's products include solutions for enterprise authentication, data encryption, and key management. SafeNet's software monetization products are sold under the Thales Sentinel brand.

<span class="mw-page-title-main">Hewlett-Packard</span> American information technology company (1939–2015)

The Hewlett-Packard Company, commonly shortened to Hewlett-Packard or HP, was an American multinational information technology company headquartered in Palo Alto, California. HP developed and provided a wide variety of hardware components, as well as software and related services to consumers, small and medium-sized businesses (SMBs), and fairly large companies, including customers in government, health, and education sectors. The company was founded in a one-car garage in Palo Alto by Bill Hewlett and David Packard in 1939, and initially produced a line of electronic test and measurement equipment. The HP Garage at 367 Addison Avenue is now designated an official California Historical Landmark, and is marked with a plaque calling it the "Birthplace of 'Silicon Valley'".

HP IT Management Software is a family of Enterprise software products by OpenText as a result of the spin-merge of Hewlett Packard Enterprise's software assets with Micro Focus in 2017 and acquisition of Micro Focus by OpenText in 2023. The division was formerly owned by Hewlett Packard Enterprise, following the separation of Hewlett-Packard into HP Inc. and Hewlett Packard Enterprise in 2015. IT management software is a family of technology that helps companies manage their IT infrastructures, the people and the processes required to reap the greatest amount of responsiveness and effectiveness from today's multi-layered and highly complex data centers. Beginning in September 2005, HP purchased several software companies as part of a publicized, deliberate strategy to augment its catalog of IT management software offerings for large business customers. According to ZDNet and IDC, HP is the world's sixth largest software company.

CHS Electronics is a former multinational distributor of microcomputer products, personal computers, peripherals, networking products, and software.

Informix Corporation was a software company located in Menlo Park, California. It was a developer of relational database software for computers using the Unix, Microsoft Windows, and Apple Macintosh operating systems.

References

  1. ↑ HP Completes Acquisition of Peregrine Systems, Boosting HP OpenView Software Portfolio. Press release (Hewlitt-Packard), December 19, 2005
  2. ↑ Business Wire: Peregrine Systems announces client server network management for MVS; expands computing capabilities of MVS platform. Press release (Peregrine Systems), March 6, 1995. Archived May 3, 2014, at the Wayback Machine
  3. ↑ Arlene Weintraub. Business Week Online: Just How Much Did John Moores Know? October 14, 2002.
  4. ↑ "Three Peregrine Board Members, Chairman Resign". Los Angeles Times. February 26, 2003.
  5. ↑ San Diego Business Journal: Economy, Simplicity Drive Information Technology Service. Access date: 2010-10-08. (subscription required)
  6. ↑ The alacra Store. Peregrine Systems Inc. acquires Harbinger Corp. Access date: 2010-02-19. [ dead link ]
  7. ↑ Jim Martin. Enterprise Systems (California, United States): Peregrine Completes Acquisition of Harbinger. June 21, 2000
  8. ↑ The alacra Store. Peregrine Systems Inc. acquires Remedy Corp. [ dead link ]
  9. ↑ "Peregrine Systems to acquire Remedy". Chicago Tribune. June 12, 2001. Archived from the original on May 3, 2014. Retrieved August 2, 2024.
  10. ↑ "Executives and Auditor of Peregrine Systems, Inc. Indicted on Securities Fraud Charges". United States Department of Justice. October 6, 2004.
  11. ↑ "SEC Charges Peregrine Systems, Inc. With Financial Fraud And Agrees To Partial Settlement. Litigation Release No. 18205. Press release". U.S. Securities and Exchange Commission. June 30, 2003. Archived from the original on August 11, 2003.
  12. ↑ "SEC Charges Peregrine Systems, Inc. With Financial Fraud And Agrees To Partial Settlement. Litigation Release No. 18205. Press release". U.S. Securities and Exchange Commission. June 30, 2003. Archived from the original on August 11, 2003.
  13. ↑ "Peregrine Systems Makes Bankruptcy Filing - The New York Times". The New York Times. 23 September 2002.
  14. ↑ Mike Allen. San Diego Business Journal: Former Peregrine CFO Gless Pleads Guilty to Fraud. Access date: 2010-02-19. [ dead link ]
  15. ↑ "Former Peregrine CFO Pleads Guilty to Fraud". Los Angeles Times. April 17, 2003.
  16. 1 2 Jonathan Sidener. The San Diego Union-Tribune: Peregrine ex-CEO sentenced to prison. Access date: 2010-02-19. [ dead link ]
  17. ↑ "Former Peregrine CEO gets 8 years in prison". Union-Tribune San Diego. December 11, 2008. Archived from the original on May 3, 2014.
  18. ↑ Kenneth Ofgang. Metropolitan News-Enterprise (Los Angeles): Court of Appeal Rejects Shareholders’ Suit Over Fraud at Peregrine Systems. Page 3. March 23, 2009.
  19. ↑ Federal Bureau of Prisons: Inmate Locator. BOP Register # 94209-198. Access date: May 3, 2014.
  20. ↑ Federal Bureau of Prisons: Inmate Locator. BOP Register # 94210-198. Access date: May 3, 2014.
  21. 1 2 Two Former Peregrine Systems, Inc. Executives Sentenced to Federal Prison (PDF). Press release (Office of the United States Attorney Southern District of California), December 17, 2008.
  22. ↑ Bloomberg.com “Former Peregrine Systems Vice President Sentenced to 27 Months.” Retrieved 2010-02-19.
  23. ↑ "Four Former Executives from Peregrine Systems, Inc. Sentenced" (PDF). Office of the United States Attorney Southern District of California. December 30, 2008. Archived from the original (PDF) on 2009-12-03.
  24. ↑ http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=IDSearch&needingMoreList=false&IDType=IRN&IDNumber=94213-198&x=80&y=5 [ dead link ]
  25. ↑ "Four Former Executives from Peregrine Systems, Inc. Sentenced" (PDF). Office of the United States Attorney Southern District of California. December 30, 2008. Archived from the original (PDF) on 2009-12-03.
  26. ↑ "Former KPMG Consulting Principal Settles SEC Charges for Role in Peregrine Accounting Fraud". U.S. Securities and Exchange Commission. February 6, 2008. Archived from the original on 2016-06-08.
  27. ↑ Amanda Bronstad. The National Law Journal. “Former GC of Peregrine Systems Sentenced to One Day in Custody, Six Months of Home Detention”
  28. ↑ "Four Former Executives from Peregrine Systems, Inc. Sentenced" (PDF). Office of the United States Attorney Southern District of California. December 30, 2008. Archived from the original (PDF) on 2009-12-03.
  29. ↑ "Four Former Executives from Peregrine Systems, Inc. Sentenced" (PDF). Office of the United States Attorney Southern District of California. December 30, 2008. Archived from the original (PDF) on 2009-12-03.
  30. ↑ "Former Peregrine Systems President Settles SEC Charges for His Role in Corporate Accounting Fraud". U.S. Securities and Exchange Commission. October 22, 2008. Archived from the original on October 25, 2008.
  31. ↑ Bloomberg. “Ex-Peregrine Systems president sentenced to probation.” Retrieved 2010-02-19.
  32. ↑ "SEC Settles with Two Defendants in Peregrine Systems Accounting Fraud Case". U.S. Securities and Exchange Commission. March 11, 2009.
  33. ↑ "Ex-Peregrine official sentenced to prison". San Diego Union-Tribune. January 9, 2007.
  34. ↑ "Bruce V. Bigelow. "3 of 4 Peregrine defendants face retrial." Retrieved 2010-02-19". Archived from the original on 2011-07-26. Retrieved 2010-02-19.
  35. ↑ "Dean Calbreath. The San Diego Mercury News. "Peregrine accountants won't face third trial."Retrieved 2010-02-19". Archived from the original on 2011-07-16. Retrieved 2010-02-19.
  36. ↑ "Dean Calbreath. The San Diego Mercury News. "Peregrine accountants won't face third trial." Retrieved 2010-02-19". Archived from the original on 2011-07-16. Retrieved 2010-02-19.
  37. ↑ "Bob Grimes. Grimes & Warwick. "Peregrine Criminal Trial." Retrieved 2010-02-19". Archived from the original on 2010-04-28. Retrieved 2010-02-19.
  38. ↑ CRN: Peregrine to lay off 1,400 employees. Retrieved 2010-02-19. Archived 2009-08-05 at the Wayback Machine
  39. ↑ Department of Justice. “Executives and Auditor of Peregrine Systems, Inc. indicted on Securities Fraud Charges” press release.
  40. ↑ PR Newswire. “Peregrine Systems'(R) Board Elects John Mutch as President and CEO, James Jenkins as Chairman.” Retrieved 2010-02-19. [ dead link ]
  41. ↑ HP Buys Peregrine Systems for $425M. Retrieved 2010-02-19.
  42. ↑ Jones, Dow (3 September 1997). "PEREGRINE SYSTEMS TO BUY APSYLOG FOR UP TO $29 MILLION - The New York Times". The New York Times.
  43. ↑ "AssetCenter product web page". Archived from the original on 2011-07-12. Retrieved 2011-07-12.
  44. ↑ PR Newswire. “Peregrine Streamlines Change Management Process with Change Calendar for ServiceCenter 6.1.” Retrieved 2010-02-19.
  45. ↑ "HP Service Manager product web page". Archived from the original on 2011-07-12. Retrieved 2011-07-12.
  46. ↑ "HP Connect-IT product web page". Archived from the original on 2011-07-12. Retrieved 2011-07-12.
  47. ↑ "Peregrine Systems(R) Announces Enterprise Discovery(TM) 2.0". Archived from the original on 2014-02-01. Retrieved 2014-01-23.
  48. 1 2 3 Peregrine Systems 2000 Annual Report.
  49. ↑ Freshnews.com. “Peregrine Systems’ Change Management Solutions Helps Businesses Gain Control of the IT Infrastructure.” Retrieved 2010-02-19. Archived 2012-02-24 at the Wayback Machine
  50. ↑ Freshnews.com. “Peregrine Systems’ Change Management Solutions Helps Businesses Gain Control of the IT Infrastructure.” Archived 2012-02-24 at the Wayback Machine
  51. ↑ “Knowlix Product Line and Get-Answers versions 2.x and older” [ permanent dead link ]
  52. 1 2 3 4 5 6 Peregrine Systems 8-K for 11/3/00 EX.99-1.
  53. 1 2 Business Wire. “TRIRIGA Extends Facilities Management Initiative With Acquisition of Peregrine's FacilityCenter Product Line.” Retrieved 2010-02-19. [ dead link ]
  54. ↑ Tim Parry. Driver magazine. “Peregrine Systems sells off businesses.” Retrieved 2010-02-19.
  55. 1 2 Tim Parry. Driver magazine. “Peregrine Systems sells off businesses.”
  56. ↑ “Golden Gate Capital Acquires Supply Chain Enablement Division from Peregrine Systems, Inc.” press release. Retrieved 2010-02-19.
  57. ↑ Information Management Online. “Peregrine Acquires Extricity.” Retrieved 2010-02-19.
  58. ↑ Dawn Kawamoto. CNET News. “Bankrupt Peregrine sells unit to BMC.” Retrieved 2010-02-19. Archived 2012-11-07 at the Wayback Machine
  59. ↑ IT World. “Peregrine to buy rival Remedy for $1 billion.” Retrieved 2010-02-19. Archived 2009-04-02 at the Wayback Machine
  60. ↑ ""Peregrine Support Update for Telecommunications." Retrieved 2010-02-19" (PDF). Archived from the original on 2006-10-31. Retrieved 2010-02-19.
  61. ↑ Peregrine Systems 8-K for 3/3/00 EX.99-1.
  62. ↑ Natasha Gray. Internetnews.com. “Peregrine Fills SNMP Security Hole.” Retrieved 2010-02-19.
  63. ↑ Denise Dubie. Computerworld. “Tivoli to Sell Service Desk Suite to Peregrine.” Retrieved 2010-02-19.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.