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. [11]

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. [12] In 2003, the former Peregrine CFO, Matthew Gless, pleaded guilty to fraud charges. [13] [14] 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. [15] [16] 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. [17]

Sentences

Charges dismissed:

Bankruptcy

Peregrine filed for Chapter 11 protection on September 23, 2002, after laying off 1400 employees, or nearly half its workforce. [35] When Peregrine filed for federal bankruptcy protection and eventually canceled its common stocks, more than $4 billion in shareholder equity was lost. [36] 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. [37]

Sale to HP

Hewlett-Packard acquired Peregrine Systems in 2005 for $425 million. [38] The Peregrine products are now sold as part of the HP IT Management Software (BTO) portfolio within the HP Software Division.

Products

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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. ↑ Ralph Frammolino. Los Angeles Times. Peregrine Board Members, Chairman Resign. 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. ↑ Chicago Tribune: Peregrine Systems to acquire Remedy. Tribune news services. June 12, 2001
  10. ↑ Executives and Auditor of Peregrine Systems, Inc. Indicted on Securities Fraud Charges. Press release (United States Department of Justice), October 6, 2004.
  11. 1 2 SEC Charges Peregrine Systems, Inc. With Financial Fraud And Agrees To Partial Settlement. Litigation Release No. 18205. Press release (United States Securities and Exchange Commission), June 30, 2003.
  12. ↑ "Peregrine Systems Makes Bankruptcy Filing - The New York Times". The New York Times. 23 September 2002.
  13. ↑ Mike Allen. San Diego Business Journal: Former Peregrine CFO Gless Pleads Guilty to Fraud. Access date: 2010-02-19. [ dead link ]
  14. ↑ Los Angeles Times: Former Peregrine CFO Pleads Guilty to Fraud. Reuters. April 17, 2003.
  15. 1 2 Jonathan Sidener. The San Diego Union-Tribune: Peregrine ex-CEO sentenced to prison. Access date: 2010-02-19. [ dead link ]
  16. 1 2 Jonathan Sidener. Union-Tribune San Diego: Former Peregrine CEO gets 8 years in prison. December 11, 2008. Archived May 3, 2014, at the Wayback Machine
  17. ↑ Kenneth Ofgang. Metropolitan News-Enterprise (Los Angeles): Court of Appeal Rejects Shareholders’ Suit Over Fraud at Peregrine Systems. Page 3. March 23, 2009.
  18. ↑ Federal Bureau of Prisons: Inmate Locator. BOP Register # 94209-198. Access date: May 3, 2014.
  19. ↑ Federal Bureau of Prisons: Inmate Locator. BOP Register # 94210-198. Access date: May 3, 2014.
  20. 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.
  21. ↑ Bloomberg.com “Former Peregrine Systems Vice President Sentenced to 27 Months.” Retrieved 2010-02-19.
  22. ↑ Office of the United States Attorney Southern District of California. “Four Former Executives from Peregrine Systems, Inc. Sentenced” news release Archived 2009-12-03 at the Wayback Machine
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  24. 1 2 3 Office of the United States Attorney Southern District of California. “Four Former Executives from Peregrine Systems, Inc. Sentenced” news release Archived 2009-12-03 at the Wayback Machine .
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  28. ↑ Bloomberg. “Ex-Peregrine Systems president sentenced to probation.” Retrieved 2010-02-19.
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  30. ↑ “ Ex-Peregrine official sentenced to prison ”
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  35. ↑ CRN: Peregrine to lay off 1,400 employees. Retrieved 2010-02-19. Archived 2009-08-05 at the Wayback Machine
  36. ↑ Department of Justice. “Executives and Auditor of Peregrine Systems, Inc. indicted on Securities Fraud Charges” press release.
  37. ↑ PR Newswire. “Peregrine Systems'(R) Board Elects John Mutch as President and CEO, James Jenkins as Chairman.” Retrieved 2010-02-19. [ dead link ]
  38. ↑ HP Buys Peregrine Systems for $425M. Retrieved 2010-02-19.
  39. ↑ Jones, Dow (3 September 1997). "PEREGRINE SYSTEMS TO BUY APSYLOG FOR UP TO $29 MILLION - The New York Times". The New York Times.
  40. ↑ "AssetCenter product web page". Archived from the original on 2011-07-12. Retrieved 2011-07-12.
  41. ↑ PR Newswire. “Peregrine Streamlines Change Management Process with Change Calendar for ServiceCenter 6.1.” Retrieved 2010-02-19.
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  43. ↑ "HP Connect-IT product web page". Archived from the original on 2011-07-12. Retrieved 2011-07-12.
  44. ↑ "Peregrine Systems(R) Announces Enterprise Discovery(TM) 2.0". Archived from the original on 2014-02-01. Retrieved 2014-01-23.
  45. 1 2 3 Peregrine Systems 2000 Annual Report.
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  48. ↑ “Knowlix Product Line and Get-Answers versions 2.x and older” [ permanent dead link ]
  49. 1 2 3 4 5 6 Peregrine Systems 8-K for 11/3/00 EX.99-1.
  50. 1 2 Business Wire. “TRIRIGA Extends Facilities Management Initiative With Acquisition of Peregrine's FacilityCenter Product Line.” Retrieved 2010-02-19. [ dead link ]
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  52. 1 2 Tim Parry. Driver magazine. “Peregrine Systems sells off businesses.”
  53. ↑ “Golden Gate Capital Acquires Supply Chain Enablement Division from Peregrine Systems, Inc.” press release. Retrieved 2010-02-19.
  54. ↑ Information Management Online. “Peregrine Acquires Extricity.” Retrieved 2010-02-19.
  55. ↑ Dawn Kawamoto. CNET News. “Bankrupt Peregrine sells unit to BMC.” Retrieved 2010-02-19. Archived 2012-11-07 at the Wayback Machine
  56. ↑ IT World. “Peregrine to buy rival Remedy for $1 billion.” Retrieved 2010-02-19. Archived 2009-04-02 at the Wayback Machine
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  58. ↑ Peregrine Systems 8-K for 3/3/00 EX.99-1.
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