Peregrine Systems Inc., a maker of customer relationship management software, bought out one of its major competitors yesterday in a $1.08 billion deal for Remedy Corp.
Under terms of the sale, Remedy shareholders will receive $9 and 0.9065 shares of Peregrine stock for every share of Remedy stock they own. The deal is subject to the approval of regulators and Remedy shareholders and is expected to close in September.
Peregrine plans to incorporate Remedy technology into its own offerings. The Remedy Action Request system will be integrated with Peregrine's suite of products to create a unified customer relationship management platform.
Combined, the companies will be able to broaden their market reach to all available sectors in terms of size. Remedy is focused on small and midsize offices, while Peregrine has experience marketing its enterprise systems to global organizations with complex infrastructures.
Peregrine said it would support Remedy's existing help desk applications and integrate them with its own management software.
