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EXHIBIT 99.1
NEWS RELEASE
PUBLIC CONFERENCE CALL SCHEDULED
Date: December 11, 2000
Time: 9:00 a.m. PST
Call In Number: (212) 346-7454
CONTACT:
Matthew C. Gless
Chief Financial Officer
Peregrine Systems, Inc.
(858) 481-5000
PEREGRINE SYSTEMS(R) FORGES STRATEGIC GLOBAL RELATIONSHIPS
WITH MAJOR IBM DIVISIONS
ASSUMES RESPONSIBILITY FOR TIVOLI SERVICE DESK SUITE OF PRODUCTS;
EXPANDS RELATIONSHIP WITH IBM GLOBAL SERVICES.
SAN DIEGO, December 11, 2000 - Peregrine Systems, Inc. (NASDAQ: PRGN)
announced today that it has entered into a strategic relationship with Tivoli
Systems, Inc. to strengthen the existing integration of complementary
Peregrine products such as ServiceCenter-Registered Trademark- and
AssetCenter-TM- with Tivoli Enterprise systems and network management
products for the benefit of customers.
Peregrine will acquire the Tivoli Service Desk suite of products (Problem
Management, Change Management and Asset Management products) and certain related
assets for $105 million in total consideration. The purchase price is comprised
of cash and approximately 3.0 million shares of Peregrine Common Stock. The
transaction is structured as an asset purchase and accounted for using the
purchase method of accounting. No dilutive effects or any other changes in
earnings per share from current estimates for fiscal year 2001 are anticipated
by Peregrine. The transaction has been approved by the Board of Directors of
both companies and is subject to regulatory approvals and customary closing
conditions. The transaction is anticipated to be completed prior to calendar
year end.
In addition, Peregrine is expanding its marketing and sales relationships with
IBM Global Services. IBM will now offer infrastructure management solutions that
combine technologies from Peregrine and Tivoli. IBM Global Services has been a
Peregrine business partner for over six years, and currently provides
infrastructure consulting and managed services using Peregrine products in both
infrastructure management applications and e-market enablement to hundreds of
customers around the world.
"Peregrine has worked with Tivoli for many years in ensuring interoperability of
our products, and this agreement will allow both Peregrine and Tivoli to focus
on what we each do best," stated Steve Gardner, Chairman and CEO of Peregrine
Systems. "Additionally, together with IBM Global Services we can
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provide those customers the absolute best in both technology and service
delivery for comprehensive infrastructure management, employee self service and
e-market solutions."
"Tivoli and Peregrine's efforts to provide solutions that optimize all forms of
intelligent assets and systems in real time can benefit our customers through
increased availability and performance," said David Murphy, President of Tivoli.
"Tivoli's customers now will be able to choose the best solution for overall
technology asset control, using products from both Tivoli and Peregrine."
The two companies have scheduled a conference call for 9:00 a.m. PST today to
discuss the agreement. Anyone interested should call: (212) 346-7454. The
conference call replay number is (858) 812-6440, reservation number 17232951,
and is available for 48 hours after the call.
Tivoli Service Desk customers may contact Tivoli at 512/436-4501 (Service Desk
Hotline) for more information about the transition. In addition, Peregrine has
created a hotline for Service Desk users to call toll free at 866/863-8569.
Internationally, customers may reach the Peregrine hotline by calling
858/794-5058. A special web address - www.peregrine.com/tivoli - has been set up
for Service Desk customers to obtain information from Peregrine electronically.
ABOUT TIVOLI SYSTEMS
Tivoli software manages the foundations of e-business, extending the boundaries
of traditional network and systems management from the data center across the
Internet, from the desktop to pervasive devices. Leading companies around the
world use Tivoli software, Tivoli Ready third-party products and Team Tivoli
partner services to reduce the cost and complexity of managing heterogeneous IT
environments. Tivoli solutions, encompassing management of security, storage,
and mobile devices, are helping these organizations to create a technology
infrastructure to support the next generation of business. Headquartered in
Austin, Texas, Tivoli is an IBM company (NYSE: IBM). Tivoli distributes its
products worldwide through a network of global sales offices, systems
integrators, resellers and IBM sales channels. For more information, visit
www.tivoli.com.
ABOUT PEREGRINE
Peregrine serves two immense, fast-growth markets of critical importance to
global commerce. Peregrine's Infrastructure Management Group (IMG) is the world
leader in providing software solutions to manage the entire life cycle of an
organization's assets, from IT equipment and fleets of trucks to a company's
intangible knowledge assets. On a true cradle to grave basis, Peregrine IMG
solutions help to ensure that all forms of assets yield maximum efficiency and
financial optimization - with employee self-service solutions empowering
employees to manage the process end-to-end. Peregrine's E-Markets Group (EMG)
delivers best-of-breed e-Commerce connectivity, real-time data transformation,
catalog creation and management, and portal creation and management. Peregrine
EMG processes more than 1.1 million e-Commerce transactions every business day
and annually transacts in excess of $250 billion in B2B e-commerce. Founded in
1981, Peregrine is headquartered in San Diego, California and has offices
throughout the world. For more information on Peregrine, visit
http://www.peregrine.com.
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PEREGRINE SYSTEMS AND SERVICECENTER ARE REGISTERED TRADEMARKS, AND ASSETCENTER
IS A TRADEMARK OF PEREGRINE SYSTEMS, INC. ALL OTHER TRADEMARKS
ARE THE PROPERTY OF THEIR RESPECTIVE OWNERS.
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The foregoing presentation contains "forward-looking" statements about the
expectations, beliefs, plans, intentions and strategies of Peregrine. The
ability of Peregrine to achieve its planned business objectives involves many
risks and uncertainties. Forward-looking statements relating to expectations
about future events or results are based upon information available to Peregrine
as of today's date. Peregrine assumes no obligation to update any of these
statements and these statements are not guarantees of Peregrine. The actual
results of Peregrine could differ materially from current expectations. Factors
that could cause or contribute to these differences include the companies'
ability to complete the transaction and, if completed, its ability to integrate
Peregrine's business and the subject Tivoli assets. There can be no assurance
that the anticipated benefits relating to Peregrine's acquisition of the Tivoli
Service Desk suite of products will be realized. Additionally, the statements
regarding dilutive effects and earnings per share reflect Peregrine's current
expectations, but there can be no assurance that such expectations will prove to
be accurate. In addition, Peregrine has made numerous prior company and/or asset
acquisitions, may make future acquisitions, and faces additional risks
associated with the integration of these acquisitions. The revenues and earnings
of Peregrine is subject to a number of factors that make estimation of its
future operating results extremely uncertain. These factors include competition;
increased competition due to Peregrine's expanded product offerings; risks
associated with the evolving and varying demand for Peregrine's software
products; the ability of Peregrine to expand its operations; litigation,
including litigation over intellectual property rights; and general economic
factors. The risks associated with Peregrine's business are discussed in
Peregrine's Annual Report on Form 10-K for the year ended March 31, 2000, which
was filed with the Securities and Exchange Commission in May 2000, and in
Peregrine's subsequent quarterly reports on Form 10-Q and its 8-Ks and other
filings filed with the SEC. You are encouraged to read this information
carefully.
