While it went frequently to the capital markets to remain stand-alone and once had grand plans for its own public offering, in the end Extricity needed the help of a merger to keep going in the competitive business commerce technology market. On March 14, Extricity Inc., a business-to-business software platform development company, was acquired by Peregrine Systems Inc. in a stock deal valued at $168 million.
The two companies plan to integrate key product offerings and begin rolling out combined applications to new and existing customers within the next three months. The companies will also take advantage of Extricity’s expertise and involvement with RosettaNet, an electronic commerce standards organization, to create an e-business applications package with end-to-end connectivity and integration.
“Peregrine and Extricity will create the high water mark in collaborative commerce that goes far beyond traditional e-procurement,” says Peregrine CEO Steve Gardner. Analysts describe the deal as a good marriage, especially for Extricity, which rounded up about $50 million in private funding in May to grow its business and product development base. “With Peregrine, Extricity gains access to deeper pockets and the credibility associated with being part of a healthy public entity,” says AMR Research, a Boston e-commerce consulting firm. For more information, please visit, www.peregrinesystems.com.