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Private equity firm Golden Gate Capital launched a new company today focused on enabling business-to-business communities.
Inovis Inc., based in Atlanta, will focus on the rapid deployment of B2B networks. The new company is a result of Golden Gate Capitals June purchase of Peregrine Systems Inc.s Supply Chain Enablement division.
Cerberus Capital Management and Parallax Capital Partners participated in the transactions.
Its not clear how much Golden Gate paid for the supply chain business unit, which itself was a combination of Peregrines Harbinger Corp. and Extricity Inc. acquisitions.
As first reported by eWEEK Online, Peregrine early this year said it would sell its SCE business unit to better focus on its Infrastructure Management business – and shore up its finances.
In the midst of trying to sell that unit and refocus its energy on a new business strategy, Peregrine landed in hot water with accounting improprieties. The company has since lost top management staff, had to restate three years of earnings and has been de-listed from the Nasdaq stock market.
Golden Gate Capital hopes to fare better with Inovis.
Although the name is new, Inovis has an 18-year history beginning with Harbingers formation in 1984. Formerly known as Harbinger and Extricity, the company provides B2B enablement software to over 20,000 customers and operates the global trading community Get2Connect, previously owned by Peregrine. Get2Connect processes over 1.4 million B2B transactions a day.
Moving forward, Inovis will deliver business process management, data transformation – EDI and XML – network connectivity as well as a range of services. Officials are also planning to develop new business community enablement software based on Java 2 Enterprise Edition and Web services, which will enable Inovis to handle B2B enablement through traditional technology integration or managed outsourcing.
The Inovis executive team and senior staff are holdovers from both Harbinger and Extricity.