Peregrine Systems, San Diego, announced the sale of its transportation asset management business to Maximus Inc.
Peregrine provides fleet maintenance software, including FleetAnywhere over the Internet, to trucking fleets. However, the bulk of Peregrine business is in other areas.
In May, two top executives of the company resigned during an investigation of potentially inaccurate accounting.
"Last month, we announced that we would be divesting the product lines that are peripheral to our core Infrastructure Management activities, and today's announcement marks another step in that process," said Gary Greenfield, Peregrine's CEO. Proceeds of the sale were used to pay down Peregrine's loan as required by its existing $56 million term loan and security agreement.
In addition to acquiring the business assets and intellectual property, Maximus kept the majority of Peregrine's team of development, sales and support personnel to minimize disruption to customers.
"We are strongly committed to our new customers and the continuation of the transportation product line, which is a strategic complement to our current offerings in the transportation market,” said David Mastran, CEO of Maximus. The Virginia-based company provides IT consulting and program management services to state and local governments.
Peregrine provides fleet maintenance software, including FleetAnywhere over the Internet, to trucking fleets. However, the bulk of Peregrine business is in other areas.
In May, two top executives of the company resigned during an investigation of potentially inaccurate accounting.
"Last month, we announced that we would be divesting the product lines that are peripheral to our core Infrastructure Management activities, and today's announcement marks another step in that process," said Gary Greenfield, Peregrine's CEO. Proceeds of the sale were used to pay down Peregrine's loan as required by its existing $56 million term loan and security agreement.
In addition to acquiring the business assets and intellectual property, Maximus kept the majority of Peregrine's team of development, sales and support personnel to minimize disruption to customers.
"We are strongly committed to our new customers and the continuation of the transportation product line, which is a strategic complement to our current offerings in the transportation market,” said David Mastran, CEO of Maximus. The Virginia-based company provides IT consulting and program management services to state and local governments.
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