HP Buys Peregrine Systems for $425M

Hewlett Packard is acquiring San Diego-based Peregrine Systems for $425M, in a deal which will add Peregrine's IT management software to its suite of enterprise management tools. The deal, which is structured as a cash merger for $26.08 per share of Peregrine stock, calls for Peregrine to be integrated into HP's OpenView business unit. Peregrine develops asset tracking, expense control, process automation, and other enterprise management software. The acquisition is expected to close in the first quarter of 2006. The acquisition is the latest in a flurry of corporate M&A activity in the technology industry, and came the same day as HP announced plans to acquire AppIq, a storage management software firm.