The Remedy sale was made to BMC Software for $355m (£226.6m) as part of the infrastructure management software vendor's Chapter 11 bankruptcy reorganisation in September.
In addition to the financial reorganisation, the company has been the subject of an accounting investigation since May into alleged financial irregularities and is enmeshed in a lawsuit against its former accountants, Arthur Andersen.
The company is now trying to let customers know that it is ready to move forward, said Peregrine's senior vice-president of marketing, Nicole Eagan.
The Chapter 11 bankruptcy reorganisation is "in many ways a new lease on life" for the 20-year-old company, Eagan said. "We're going to emerge a stronger company on the other side."
Egan claimed the sale of the Remedy division was a result of changes in the technology market.
Remedy is a tool kit that allows IT workers to build custom service management and support applications for their companies. But as technical roles have been shrinking, the demand has shifted away from in-house custom application building.
"The market's come full circle, and people are looking for out-of-the-box applications they can get up and running quickly," with a visible return on investment, Eagan said.
"What we've done is sharpen our focus by divesting assets that were not part of our core business".
Peregrine is continuing to sell its flagship lines, including ServiceCenter service management software and AssetCenter corporate asset tracking software, to its 3,500 established customers, which are large enterprises with more than 1,000 employees.
"We have a focus, and we're doing well," Eagan said. "What's hard for people to realise is we have a great and loyal customer base. Our customers are our best cheerleaders. They're rooting for us."