HP to Acquire Peregrine Systems
HP to Acquire Peregrine Systems, Adding Powerful IT Asset and Service Management Solutions to HP OpenView Portfolio
Acquisition to broaden HP's ability to provide CIOs with crucial information needed to manage their IT operations better
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HP and Peregrine Systems, Inc. (OTC:PRGN.PK), announced that they have signed a definitive agreement pursuant to which HP will acquire Peregrine in a cash merger for $26.08 per share representing an aggregate equity value of $425 million.
Upon close of the acquisition, Peregrine, and its leading IT asset and service management software portfolio, will be integrated into the HP OpenView business unit to create the industry's most comprehensive distributed enterprise management software solution.
The acquisition will add key asset and service management components to the HP OpenView portfolio, a distributed management software suite for business operations and IT. Peregrine's capabilities include asset tracking, expense controls, process automation, service control, service alignment, enterprise discovery, IT executive dashboard as well as outsourcing, business continuity and consolidation management.
"Peregrine will help HP deliver a more complete management software solution to CIOs and enhance their ability to manage their IT assets," said Ann Livermore, executive vice president, Technology Solutions Group, HP. "Companies constantly look for ways to lower their technology costs, from the PC to the data center. Our strategy is to enable CIOs to manage the technology environment in an efficient and cost-effective manner."
"As a result of this transaction, customers will see enhanced value with Peregrine's category leading products Service Center and Asset Center delivered through HP's global scale and capability," said John Mutch, president and chief executive officer, Peregrine.
The acquisition will enable HP to become one of the leaders in asset management software, a category that has been projected to grow in excess of $1 billion by 2008. In addition, the combination of HP and Peregrine's solutions in service management creates one of the broadest sets of capabilities available today. Key drivers of this market include IT departments' need for data on internal IT assets, integration with other IT management systems and process-based management standards such as ITIL.
The acquisition is subject to the approval of Peregrine stockholders and various customary closing conditions and is expected to close no later than the first quarter of calendar year 2006.
Upon completion of the transaction, Peregrine products will be available through HP OpenView software channels, and the technology will be leveraged across HP's Technology Systems Group and HP Services.
More information about the HP OpenView portfolio is available at http://www.hp.com/go/managementsoftware.
Acquisition to broaden HP's ability to provide CIOs with crucial information needed to manage their IT operations better
--------------------------------------------------------------------------------
HP and Peregrine Systems, Inc. (OTC:PRGN.PK), announced that they have signed a definitive agreement pursuant to which HP will acquire Peregrine in a cash merger for $26.08 per share representing an aggregate equity value of $425 million.
Upon close of the acquisition, Peregrine, and its leading IT asset and service management software portfolio, will be integrated into the HP OpenView business unit to create the industry's most comprehensive distributed enterprise management software solution.
The acquisition will add key asset and service management components to the HP OpenView portfolio, a distributed management software suite for business operations and IT. Peregrine's capabilities include asset tracking, expense controls, process automation, service control, service alignment, enterprise discovery, IT executive dashboard as well as outsourcing, business continuity and consolidation management.
"Peregrine will help HP deliver a more complete management software solution to CIOs and enhance their ability to manage their IT assets," said Ann Livermore, executive vice president, Technology Solutions Group, HP. "Companies constantly look for ways to lower their technology costs, from the PC to the data center. Our strategy is to enable CIOs to manage the technology environment in an efficient and cost-effective manner."
"As a result of this transaction, customers will see enhanced value with Peregrine's category leading products Service Center and Asset Center delivered through HP's global scale and capability," said John Mutch, president and chief executive officer, Peregrine.
The acquisition will enable HP to become one of the leaders in asset management software, a category that has been projected to grow in excess of $1 billion by 2008. In addition, the combination of HP and Peregrine's solutions in service management creates one of the broadest sets of capabilities available today. Key drivers of this market include IT departments' need for data on internal IT assets, integration with other IT management systems and process-based management standards such as ITIL.
The acquisition is subject to the approval of Peregrine stockholders and various customary closing conditions and is expected to close no later than the first quarter of calendar year 2006.
Upon completion of the transaction, Peregrine products will be available through HP OpenView software channels, and the technology will be leveraged across HP's Technology Systems Group and HP Services.
More information about the HP OpenView portfolio is available at http://www.hp.com/go/managementsoftware.
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