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Exhibit 99.1
PEREGRINE SYSTEMS-REGISTERED TRADEMARK- COMPLETES ACQUISITION OF HARBINGER
CORPORATION
THE NEW PEREGRINE OFFERS INTEGRATED SOLUTIONS FROM SUPPLIER TO BUYER,
THROUGHOUT THE LIFECYCLE OF ASSET USE
SAN DIEGO, JUNE 19, 2000 -- Peregrine Systems, Inc. (NASDAQ: PRGN), the
leading provider of Infrastructure Management software and employee self service
solutions, today announced the completion of its acquisition of Harbinger
Corporation. The acquisition was completed June 16, 2000 following approval by
shareholders of both companies. The technology and services of Harbinger will
immediately become the core of Peregrine Systems new e-Business Connectivity
Group.
"Our end-to-end e-Business vision is gaining momentum not only with
customers but also among major consulting and managed services organizations.
Since the time of the initial announcement of this transaction through Friday's
closing, we have spoken to hundreds of customers and alliance partners. The
consensus is building that the integration of e-Business connectivity with
e-Procurement and the entire asset lifecycle management process offers
substantial value," said Steve Gardner, president and CEO of Peregrine Systems.
"We are confident that this acquisition will provide shareholder value and
customer opportunities that will be unique to this market space."
The combined company capitalizes on the strengths of two companies with
unmatched experience in delivering reliable, scalable solutions for e-Business.
The new Peregrine solution set fully integrates processes for Infrastructure
Management, employee self service solutions including e-Procurement, and the
creation and management of B2B connections and exchanges. The combined offering
enables businesses of all sizes to access multiple e-Marketplaces for
requisitioning, acquiring, managing and disposing of critical assets, facilities
and other operating resources. With more than 44,000 worldwide customers coupled
with a global e-Commerce network already processing more than one million
mission-critical transactions daily, the combined company will be one of the
largest providers of end-to-end e-Business solutions.
"Companies are finding the supplier enablement component of
e-Procurement to be one of the biggest inhibitors to realizing the significant
ROI associated with e-Procurement," said Heather Ashton, Director, Electronic
Business Strategies, Hurwitz Group, Inc. "Solution providers who can be a
one-stop resource for procurement, enablement and back-end management can be the
key to a company's success in e-Business."
A UNIQUE VALUE PROPOSITION
The acquisition creates a company that for the first time delivers
comprehensive capabilities to implement the complete lifecycle of e-Business
along with unparalleled worldwide deployment services that help businesses
rapidly deploy broad-based B2B initiatives. Integrated capabilities include:
- e-Procurement
- Marketplace Creation, Management, and Access
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- Catalog Content Management
- e-Business Community Integration
- Infrastructure Management for traditional and e-Infrastructure
- Employee Self Service - ASP delivery of e-Business solutions
Customers can now use a full suite of electronic trading and
procurement solutions from a single global provider, including integration to
their asset management and other business systems. Peregrine solutions create
the connection from supplier to market, from market to buyer, then connect to
internal processes such as the buyer's customer supply chain, e-Procurement, and
infrastructure management processes, and finally link the buyer back to the
world of e-Business at the end of those processes. This end-to-end approach,
starting from the suppliers outside the firewall, into a company, through the
company, and back out again, delivering a complete e-Business solution at every
step in the lifecycle, creates a unique value proposition for organizations,
large and small.
Operational integration of the new combined entity has started, with
joint sales and marketing activities and consolidated research and development
planning immediately underway. Initial product integration of the Peregrine
Get.Resources! e-Procurement solution and the new e-Commerce network solution
has already been completed and demonstrated to prospective customers.
Peregrine Systems acquired all of the outstanding stock and stock
options of Harbinger at an exchange ratio of 0.75 shares of Peregrine Systems
common stock for each share of Harbinger common stock. Peregrine Systems issued
approximately 36 million shares in exchange for all the outstanding equity
securities of Harbinger. The transaction is being accounted for by the purchase
method and treated as a tax-free reorganization.
ABOUT PEREGRINE SYSTEMS
Peregrine Systems is the leading provider of Employee Self Service,
Infrastructure Management and e-Business connectivity solutions that help ensure
the reliability, productivity and cost-effectiveness of organizational
infrastructure. Peregrine Systems provides Infrastructure Management solutions
to organizations that permit them to manage the availability and cost of their
technology, facilities and transportation infrastructure. Peregrine Systems also
provides Get.It!(TM) Employee Self Service Weblications(TM) to allow any
employee in the organization to get what they need to get their job done. By
integrating Employee Self Service Weblications, such as e-Procurement, with
total lifecycle Infrastructure Management and e-Business transaction exchange,
Peregrine Systems solutions empower organizations to make better and faster
business decisions. In a world moving toward 24-hour global commerce,
Infrastructure Management coupled with Employee Self Service and e-Business
transaction exchange is a key to competitive success.
Founded in 1981, Peregrine Systems is headquartered in San Diego,
California with offices throughout the United States as well as in the United
Kingdom, Belgium, Canada, France, Germany, Denmark, Italy, Japan, Netherlands,
Sweden, Australia and Singapore.
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Peregrine Systems also has alliance partners and distributors located throughout
these regions and in Latin America. More information on Peregrine Systems is
available on the World Wide Web at http://www.peregrine.com.
