• United States

BMC gets a $355 million Remedy from Peregrine

Nov 22, 20021 min

BMC Software has formally acquired the Remedy service management and support software unit of struggling Peregrine Systems for $355 million, the company said in a statement Thursday.

Remedy provides service management software products including the Action Request System and a suite of packaged applications, including help desk, asset management and customer support. Remedy will continue as a separate unit within BMC, according to the statement.

In September, Peregrine filed for Chapter 11 bankruptcy protection after facing allegations of financial mismanagement. It announced its intention to sell the Remedy unit to BMC at that time, with BMC providing funding to keep Peregrine going..

Peregrine acquired Remedy in June 2001 in a combined cash-and-stock deal valued at more than $1 billion, with the intention of combining Remedy’s strength in the small and midsized business sector with Peregrine’s enterprise level products.

Peregrine has said it is continuing to review its past accounting practices, which has already led to a downward restatement of $250 million of revenue for 2000 and 2001.