If all change is opportunity, then US-based asset and service management vendor, Peregrine Systems, has taken that ancient maxim and run with it.
A year on from filing for Chapter 11, the company has re-emerged with a new brand, product suite, slimmed down team and a channel.
Peregrine senior vice-president and general manager for EMEA, Alan Kerr, said the company had been forced to reassess what its business was all about following the filing.
"We decided to suspend all efforts at acquiring new business in favour of maintaining close and constant contact with our existing install base," he said.
The strategy paid off, with the company claiming to be the first public enterprise software business to come out of Chapter 11 intact.
Kerr said this was done without the loss of a single customer.
As part of its comeback plan, Peregrine had built on its asset and service management product suites, recently releasing a new expense management package, Expense Control, which identifies, tracks and allocates assets like software licenses.
With managed IT being the major trend in the market, the company has also started touting itself as a solutions, rather than software, provider.
This had seen it move toward an indirect model in an effort to save on staffing costs, Kerr said.
The expertise of Peregrine's new business partners - largely systems integrators - was also beginning to turn the company around, he said.
Peregrine Systems Asia-Pacific vice-president, Andy Wilkinson, said under its new business model, Peregrine was favouring channel partners over direct sales at a ratio of 80:20.
The remaining direct business was driven by customers wanting to deal directly with the company, Wilkinson said.
However, he added the caveat that Peregrine's solution implementation business was 100 per cent channel-based.
In building on its existing partner base - which included the Sonnet Group, CDM, IBM, Forward Solutions and Annotex - Wilkinson said Peregrine would look to grow its solutions image by working with partners dealing in complimentary products such as network security.
Over the coming year, the company would seek to grow its about 130-strong Australian customer base by 10 per cent, Kerr said. The majority of business was expected to come from its current install base.