Welcome to our dedicated page for Pegasystems news (Ticker: PEGA), a resource for investors and traders seeking the latest updates and insights on Pegasystems stock.
Pegasystems Inc. (NASDAQ: PEGA) is a frontrunner in the realm of software for customer engagement and operational excellence. Founded in 1983, Pegasystems has crafted an impressive legacy of delivering award-winning solutions in customer relationship management (CRM) and business process management (BPM). The cornerstone of their offerings is the Pega Infinity platform, a unified cloud-architected suite that seamlessly integrates BPM and CRM functionalities.
The Pega Infinity platform empowers enterprises to rapidly deploy, extend, and adapt applications to meet evolving business needs. Leveraging advanced artificial intelligence and robotic automation, Pegasystems' software suite ensures that organizations can achieve breakthrough business results and maintain a competitive edge.
Pegasystems serves a wide array of enterprise-sized clients, focusing predominantly on the financial, insurance, and healthcare sectors. Their adaptive software solutions are designed to cater to the specific needs of these verticals, offering enhanced customer engagement through streamlined operations.
Notably, Pegasystems has formed strategic partnerships and collaborations that bolster its capability to deliver innovative solutions. These partnerships enhance Pega's ability to integrate cutting-edge technology and maintain its position as a leader in the software industry.
With a commitment to continuous improvement and innovation, Pegasystems remains at the forefront of the industry, providing robust solutions that drive efficiency and customer satisfaction. For the latest updates and news about Pegasystems, visit their official website at www.pega.com.
On September 16, 2022, the Circuit Court for Fairfax County awarded Appian $2.036 billion in damages from Pegasystems for the willful misappropriation of trade secrets. Pegasystems is also required to pay $23.6 million in legal fees and approximately $122 million annually in post-judgment interest. The court ruled against Pegasystems after a seven-week trial, during which evidence revealed Pegasystems used a contractor to gain unauthorized access to Appian's software. Pegasystems plans to appeal the decision. This ruling is believed to be the largest damages award in Virginia state court history.
Pegasystems Inc. (NASDAQ: PEGA) announced that First Tech Federal Credit Union has deployed Pega Customer Service for Financial Services to enhance member and employee experiences. This partnership aims to simplify processes by consolidating multiple systems into a single platform, resulting in automated workflows and significant reductions in manual tasks. First Tech expects multi-million dollar cost savings and improved service efficiency, with reduced call handling times and faster innovation through digital transformation. The credit union serves over 720,000 members.
Pegasystems Inc. (NASDAQ: PEGA) announced that COO and CFO Ken Stillwell will present at two upcoming investor conferences. The Citi 2022 Global Technology Conference is on September 8, 2022, at 1:00 p.m. EDT in New York, NY. The Goldman Sachs Communacopia & Technology Conference is on September 15, 2022, at 7:30 a.m. PDT in San Francisco, CA. Archives of the presentations will be available on Pega's Investors page for a limited time.
Pegasystems Inc. (NASDAQ: PEGA) invites developers of all skill levels to register for its 2022 Pega Community Hackathon, open until October 7, 2022. Participants will create innovative applications addressing business and social challenges using Pega's low-code platform. The event offers mentorship and resources, with winners announced in October across seven categories, including Social Impact and Best in Show. Recognized teams will receive cash prizes, and a charity donation will be made for the Social Impact award winner.
Pegasystems Inc. (NASDAQ: PEGA) received the 2022 Partner of the Year Award from Virtusa, recognizing its effective collaboration and value delivery in technology and joint solutions. The award evaluated partners based on year-over-year pipeline growth, relationship tier, and go-to-market strategies. Pega and Virtusa's partnership, established in 2002, spans various industries, facilitating AI-powered decision-making and workflow automation through the Pega Platform. This recognition highlights Pega's commitment to client success and innovative problem-solving.
Pegasystems Inc. (NASDAQ: PEGA) has appointed Dr. Kikelomo (Dayo) Belizaire as its first chief medical officer, enhancing its focus on healthcare solutions. Dr. Belizaire's extensive background in internal medicine and healthcare consulting will guide Pega in developing clinically relevant solutions for healthcare clients. With a strong emphasis on improving care outcomes and collaboration among stakeholders, her insights aim to optimize Pega's offerings in the rapidly evolving healthcare landscape. Her previous experience includes significant roles at Anthem and various health systems across the U.S.
Pegasystems Inc. (NASDAQ: PEGA) announced the launch of Pega Launchpad, a new low-code, cloud-based platform aimed at enabling users to develop and commercialize B2B Software as a Service (SaaS) applications. This platform addresses challenges in the competitive SaaS market by offering visual low-code development, support for customizations, and a scalable cloud-native architecture. Initially engaging with prospects, Pega plans to make Pega Launchpad available on Pega Cloud in 2023, enhancing its existing service offerings and expanding its ecosystem.
Pegasystems Inc. reported total revenue of $651 million for the first half of 2022, indicating a 2% year-over-year increase. The annual contract value (ACV) rose 14%, 19% in constant currency, and the backlog reached $1.1 billion. However, the company faced significant losses, with a net GAAP loss of $286 million in Q2 2022, compared to a net income of $37 million in Q2 2021. Diluted loss per share was $3.50. Despite a challenging environment, Pegasystems continues to focus on growth and aims to be a Rule of 40 company by 2024.
Pegasystems Inc. (NASDAQ: PEGA) has been recognized as a Leader by Forrester Research in its Q3 2022 report on Core CRM Solutions. Pega received the highest score in the current offering category and excelled in 16 out of 35 evaluation criteria, showcasing its strengths in user productivity, guidance, and customer engagement. The report highlights Pega's AI-powered CRM, which emphasizes automation and real-time decision-making to optimize customer interactions. This acknowledgment aligns with Pega's ongoing commitment to enhancing client experiences through innovative low-code solutions.
Brewer Lane Ventures, a Boston-based venture capital firm, announces the appointment of Douglas Kim as Operating Partner. Kim brings 30 years of experience in enterprise software, including founding Pega Cloud, a $250M SaaS business for Pegasystems (NASDAQ: PEGA). David Castellani has been promoted to Operating Partner. Kim aims to collaborate with portfolio company founders in the evolving financial services market, emphasizing innovative strategies. Castellani expressed optimism about the future of fintech and insurtech.
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