Alumni are one of the most important assets of the universities and their role and place in the university is more often becoming matter of scientific discussion. Author suggests universities to apply systems thinking and look at the wider environment and interactions of various subsystems, alumni community being one of them. Many authors discuss Higher Education and Research Institution (further HERI) customers and their segmenting (Weaver, 1976; Juran, 1988; Conway, Mackay and Yorke, 1994; Kotler and Fox, 1995; Pereira and Silva, 2003; del Barrio-García and Luque-Martínez, 2009; Taiwo, 2010). The research approves that alumni are HERI customers not only at the particular moment when they purchase HERI services but also continuously (Kotler and Fox, 1995; Heckman and Guskey, 1998; Taiwo, 2010). Alumni as customer lifecycle is adapted to classical customer lifecycle and merged with Alumni Triple Helix Segmentation. The alumni lifetime engagement is cyclic and with each cycle, it aims for deeper engagement and closer ties, more personal relationship and higher investment in the university. Alumni knowledge management exploits the concept of alumni being customer – that changes attitudes and perspectives towards the strategic activities and knowledge that HERI intends to manage in alumni matters.