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Remedy provides service management software products including the Action Request System and a suite of packaged applications, including helpdesk, asset management and customer support. Remedy will continue as a separate unit within BMC.
Peregrine filed for Chapter 11 bankruptcy protection in September following allegations of financial mismanagement. It announced its intention to sell the Remedy unit to BMC at that time, with BMC providing funding to keep Peregrine going.
Peregrine acquired Remedy in June 2001 in a combined cash-and-stock deal valued at more than $1bn, with the intention of combining Remedy's strength in the small and medium-sized business sector with Peregrine's enterprise level products.
Peregrine has said it is continuing to review its past accounting practices, which has already led to a downward restatement of $250m of revenue for 2000 and 2001.