Peritus Software Services, Inc. Commences Initial Public Offering

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Peritus Software Services, Inc. Commences Initial Public Offering
    BILLERICA, Mass., July 2 /PRNewswire/ -- Peritus Software Services , Inc.
("Peritus" or the "Company") today announced the commencement of an initial
public offering of 3,500,000 shares of its Common Stock at a price of
$16.00 per share through underwriters led by Montgomery Securities; Wessels,
Arnold & Henderson, L.L.C.; and H.C. Wainwright & Co., Inc.  Of the shares
being offered, 2,800,000 are being sold by the Company and 700,000 are being
sold by certain selling stockholders.  The Common Stock will trade on the
Nasdaq National Market under the symbol "PTUS".  The Company plans to use the
net proceeds from the offering for repayment of indebtedness, research and
development, other general corporate purposes and possible acquisitions.
    Peritus provides software products and services that enable
organizations to improve the productivity, quality, and effectiveness of their
information technology ("IT") systems maintenance or "software evolution"
functions.  The Company's solutions, which employ software tools,
methodologies, and processes, are designed to automate the labor-intensive
processes involved in conducting "mass change" and other software maintenance
tasks.  In 1996, the Company released its first software product, its
AutoEnhancer/2000(TM) software, which is aimed at the most pressing mass
change challenge, the "Year 2000 problem".  The Company licenses this software
directly to end users as well through consultants, systems integrators and
distributors.  The Company also provides software maintenance outsourcing
services to large organizations that seek to enhance the productivity of their
IT systems and application software maintenance functions.
    Copies of the final prospectus may be obtained from Montgomery Securities
at 415-627-2000; Wessels, Arnold & Henderson at 612-373-6100 or H.C.
Wainwright at 617-227-3100.  This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be a sale of
these securities in any state in which such offer, solicitation, or sale would
be unlawfull prior to registration or qualification under the securities law
of any such state.
SOURCE Peritus Software Services, Inc.