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Peregrine Systems

Article Discussion

Template:Short description {{#invoke:Infobox|infobox}}Template:Template otherTemplate:Main other{{#invoke:Check for clobbered parameters|check|nested=1|template=Infobox company|cat=Template:Main other|name; company_name|logo; company_logo|logo_alt; alt|trade_name; trading_name|former_names; former_name|type; company_type|predecessors; predecessor|successors; successor|foundation; founded|founders; founder|defunct; dissolved|hq_location; location|hq_location_city; location_city|hq_location_country; location_country|num_locations; locations|areas_served; area_served|net_income; profit|net_income_year; profit_year|owners; owner |homepage; website }}{{#invoke:Check for unknown parameters|check|unknown=Template:Main other|preview=Page using Template:Infobox company with unknown parameter "_VALUE_" | ignoreblank=y | alt | area_served | areas_served | assets | assets_year | aum | brands | company_logo | company_name | company_type | defunct | dissolved | divisions | embed | equity | equity_year | fate | footnotes | former_name | former_names | foundation | founded | founder | founders | genre | homepage | hq_location | hq_location_city | hq_location_country | incorporated | image | image_alt | image_caption | image_size | image_upright | income_year | industry | ISIN | key_people | location | location_city | location_country | locations | logo | logo_alt | logo_caption | logo_class | logo_size | logo_upright | members | members_year | module | name | native_name | native_name_lang | net_income | net_income_year | num_employees | num_employees_year | num_locations | num_locations_year | operating_income | owner | owners | parent | predecessor | predecessors | production | production_year | products | profit | profit_year | rating | ratio | revenue | revenue_year | romanized_name | services | subsid | successor | successors | traded_as | trade_name | trading_name | type | website| qid | fetchwikidata | suppressfields | noicon | nocat | demo | categories }} 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.<ref>HP Completes Acquisition of Peregrine Systems, Boosting HP OpenView Software Portfolio. Press release (Hewlitt-Packard), December 19, 2005</ref> 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.

HistoryEdit

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.<ref>Business Wire: Peregrine Systems announces client server network management for MVS; expands computing capabilities of MVS platform. Press release (Peregrine Systems), March 6, 1995. Template:Webarchive</ref>

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.<ref>Arlene Weintraub. Business Week Online: Just How Much Did John Moores Know? October 14, 2002.</ref> He resigned from the board in 2003 during the company's bankruptcy filing.<ref>Template:Cite news</ref> 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.<ref>San Diego Business Journal: Economy, Simplicity Drive Information Technology Service. Access date: 2010-10-08.Template:Subscription required</ref>

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,<ref>The alacra Store. Peregrine Systems Inc. acquires Harbinger Corp. Access date: 2010-02-19. Template:Dead linkTemplate:Cbignore</ref><ref>Jim Martin. Enterprise Systems (California, United States): Peregrine Completes Acquisition of Harbinger. June 21, 2000</ref> and Remedy Corporation in 2001.<ref>The alacra Store. Peregrine Systems Inc. acquires Remedy Corp. Template:Dead linkTemplate:Cbignore</ref><ref>Template:Cite news</ref>

FraudEdit

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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Peregrine, without admitting or denying the allegations of the complaint, agreed to a partial settlement.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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.<ref>Template:Cite news</ref> In 2003, the former Peregrine CFO, Matthew Gless, pleaded guilty to fraud charges.<ref>Mike Allen. San Diego Business Journal: Former Peregrine CFO Gless Pleads Guilty to Fraud. Access date: 2010-02-19. Template:Dead linkTemplate:Cbignore</ref><ref>Template:Cite news</ref> 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.<ref name=sidener2010>Jonathan Sidener. The San Diego Union-Tribune: Peregrine ex-CEO sentenced to prison. Access date: 2010-02-19. Template:Dead linkTemplate:Cbignore</ref><ref>Template:Cite news</ref> 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.<ref>Kenneth Ofgang. Metropolitan News-Enterprise (Los Angeles): Court of Appeal Rejects Shareholders’ Suit Over Fraud at Peregrine Systems. Page 3. March 23, 2009.</ref>

SentencesEdit

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  • Berdj Joseph Rassam (former Peregrine Controller): 19 months in custody followed by two years of supervised release.<ref>{{#invoke:citation/CS1|citation

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  • Larry Rodda (former managing director of KPMG Consulting): Six months in custody, six months of home detention, two years of supervised release and $100 mandatory special assessment.<ref>{{#invoke:citation/CS1|citation

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  • John Burnham Benjamin (former Peregrine Treasurer): Five years of probation.<ref>{{#invoke:citation/CS1|citation

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  • Steven Spitzer (former head of Peregrine's Alliance Sales Program): Three years probation, a $5,000 fine and 200 hours of community service plus a $110,000 civil penalty and barred from serving as an officer or director of any public company.
  • Gary Lenz (former Peregrine President & COO): Three years of probation.<ref>{{#invoke:citation/CS1|citation

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  • Peter O'Brien (former Peregrine Director of Alliances): One year of probation.<ref>{{#invoke:citation/CS1|citation

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  • Michael Whitt (owner of Barnhill Management Group): Civil penalty of $60,000, six months in federal prison, and six months in home confinement.<ref>Template:Cite news</ref>

Charges dismissed:

  • Joseph Reichner (former Peregrine Vice President of Alliances)<ref>{{#invoke:citation/CS1|citation

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  • Patrick Towle (former Peregrine Revenue accounting manager)<ref>{{#invoke:citation/CS1|citation

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  • Dan Stulac (formerly led auditing team at Arthur Andersen)<ref>{{#invoke:citation/CS1|citation

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  • Eric Paul Deller (former Peregrine General Counsel)<ref>{{#invoke:citation/CS1|citation

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BankruptcyEdit

Peregrine filed for Chapter 11 protection on September 23, 2002, after laying off 1400 employees, or nearly half its workforce.<ref>CRN: Peregrine to lay off 1,400 employees. Retrieved 2010-02-19. Template:Webarchive</ref> When Peregrine filed for federal bankruptcy protection and eventually canceled its common stocks, more than $4 billion in shareholder equity was lost.<ref>Department of Justice. “Executives and Auditor of Peregrine Systems, Inc. indicted on Securities Fraud Charges” press release.</ref> After filing, the company sold the Remedy division of the company to BMC Software for more than $300 million.{{#if:|{{{2}}}|[1]}} 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.<ref>PR Newswire. “Peregrine Systems'(R) Board Elects John Mutch as President and CEO, James Jenkins as Chairman.” Retrieved 2010-02-19.Template:Dead linkTemplate:Cbignore</ref>

Sale to HPEdit

Hewlett-Packard acquired Peregrine Systems in 2005 for $425 million.<ref>HP Buys Peregrine Systems for $425M. Retrieved 2010-02-19.</ref> The Peregrine products are now sold as part of the HP IT Management Software (BTO) portfolio within the HP Software Division.

ProductsEdit

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  • Connect-It - Data integration tool. It is now sold as HP Connect-It software.<ref>{{#invoke:citation/CS1|citation

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  • Enterprise Discovery - Discovery and Inventory tool.<ref>{{#invoke:citation/CS1|citation

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|CitationClass=web }}</ref> (acquired from Telco Research).<ref>Peregrine Systems 8-K for 3/3/00 EX.99-1.</ref>

ReferencesEdit

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