Pegasystems

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Pegasystems Inc.
TypePublic
IndustrySoftware
Founded1983; 41 years ago (1983)
FoundersAlan Trefler
Headquarters
Cambridge, Massachusetts
,
U.S.
Number of locations
41 (2021)[1][2]
Key people
Products
Revenue Increase US$1.21 billion (2021)[3]
Increase US$−63 million (2021)[3]
Total assetsDecrease US$1.59 billion (2021)[3]
Total equityDecrease US$416 million (2021)[3]
Number of employees
6,133 (January 2022)[3]
Websitewww.pega.com

Pegasystems Inc. is an American software company based in Cambridge, Massachusetts.[4] Founded in 1983, Pegasystems develops software for customer relationship management (CRM) and business process management (BPM).[5][6] The company has been publicly traded since 1996 as PEGA (NASDAQ).[7] Pega is a low-code platform for workflow automation and AI-powered decisioning.[8]

History

1983–2002

Alan Trefler founded Pegasystems in 1983 at the age of 27, in Cambridge, Massachusetts.[4] Prior to founding the company, in the early 1980s Trefler had developed computer systems that could play chess.[7] During the company's early years it focused on providing case management, namely for companies such as American Express.[7][9] Trefler recollects that when he started Pegasystems, he wanted to create software for business people, how business-people wanted things to work.[7] An article in Computerworld traces business rules engine to the early 1990s and to products from Pegasystems, Fair Isaac Corp and ILOG.[10] As a private company, Pegasystems was "bootstrapped" initially, but did not take on outside investors.[7] The company went public in 1996 with initial and secondary public offerings,[11] and began trading on NASDAQ under the symbol PEGA. Raising several millions in funding in the process, going public freed the company from needing to pursue venture capital investments.[7] Pegasystems entered a period of financial trouble in the late 1990s, following a dispute with its accountants, Ernst & Young.[12] After restating their earnings, Pegasystems faced an investigation by the SEC, which was dropped in 2002.[11]

2010–present

In March 2010, Pegasystems acquired the enterprise software company Chordiant for around $161.5 million.[13] The acquisition gave Pegasystems access to new markets such as online training, telecommunications and healthcare, with Pegasystems integrating Chordiant and its customer relationship management (CRM) technology into its existing operations.[6] Pega Cloud was introduced using Amazon Web Services in 2012,[2] and in October 2013, Pegasystems acquired the mobile application developer Antenna Software[14][6] for $27.7 million. Located in New Jersey, Antenna also had bases in Kraków and Bangalore.[14]

In 2014, Pegasystems hired a cloud technology proponent to develop its cloud technology strategy. Over the following year, Pegasystems invested in network operations in North America and India to support its cloud services.[15] In May 2014, Pegasystems acquired the Bangalore-based MeshLabs, a text mining and analytics software startup. The Times of India reported that Pegasystems would integrate MeshLabs's text analytics software to "gather unstructured social media data and decode it into actionable business insights for its clients." The financial details of the transaction were not disclosed.[16] Pegasystems acquired Firefly in June 2014, a co-browsing tool funded by First Round Capital.[17] The startup from Philadelphia, Pennsylvania was the company's first move into the cobrowsing market.[17] By the summer of 2014, Pegasystems remained headquartered in Cambridge, Massachusetts with 2,700 employees.[16][17] By July 2014 the company was worth around US$1 billion.[4]

By early 2015, Pegasystems remained a publicly traded company[7] on the Nasdaq,[16] with 3,000 employees, 30 offices, and "more than half a billion dollars in revenue."[7] As of February 2015, the company had active partnerships with IT outsourcing companies such as Hexaware, NIIT Incessant Technologies, Tata Consultancy Services, Infosys, Wipro, HCL Technologies, Accenture and Cognizant. By September of that year, companies who had built teams of Pegasystems specialists included Virtusa (engineering and solution delivery partner since 2001), Accenture, Ernst & Young and Cognizant.[15] Between 2005 and 2015, Pegasystems had average sales growth of 21% per year.[18] There was a steady rise in the company's share price in 2015,[19] with higher than expected revenues from the year prior.[20] In January 2016, it was reported that Pegasystems planned on raising its number of employees significantly,[21] and the company announced the acquisition of OpenSpan Inc. in April 2016.[22] Based in Atlanta, Georgia, OpenSpan specialized in robotic process automation and workforce analytics software.[23]

In 2016, Pegasystems announced training and certification on the Pega 7 platform for educators and students.[24] Clients Google, Aflac, and Anthem promoted Pega software at the 2018 PegaWorld conference, an annual conference held since 2006.[25][2][26]

In February 2019, Pegasystems purchased Infruid Labs, a business analytics and data visualization software company.[27] In May 2019, the company bought In The Chat, a digital messaging platform.[28]

Since March 2020, Pegasystems has sponsored the Boston punk band Dropkick Murphys.[29]

In January 2021, the company announced it had acquired Qurious.io, which provides a cloud service that analyzes voice calls in real time to support customer service representatives.[30]

In June 2021, Pegasystems became the official supplier of the Ryder Cup.[31] The company also sponsors pro golfers Marc Leishman and Mel Reid.[31] In June 2021, Reid wore Pegasystems' Pride logo, one of the first times the logo has been worn in professional golf.[32]

In May 2022, a jury verdict awarded Appian Corporation $2.036 billion in damages for trade secret misappropriation and a damages award of $1 for a violation of the Virginia Computer Crimes Act.[33][34]

In 2022, Pegasystems acquired Everflow, a Brazilian process mining company to support their process mining and hyper automation goals.[35] The company also entered into a partnership with Celebrus, a CDP Vendor.[36] The partnership resulted in the release of Always-On Insights which allows customer data and advertising data to drive automated marketing campaigns.[36]

Products and services

Pegasystems develops and supports software[21] for customer engagement[7] and operations.[21] In particular, Pegasystems specializes in software for business process management (BPM) and customer relationship management (CRM),[6] and is seen as offering more bespoke technology than competitors such as Oracle Corporation or SAP ERP.[37] The company's core software product is the Pega Platform, part of its Pega Infinity suite of applications for customer engagement and digital process automation, which are designed to connect customer interfaces with back-end process automation.[38] Pegasystems states its applications are certified to work on Google Cloud and other public cloud platforms, including Microsoft Azure, Amazon Web Services, and Pivotal’s Cloud Foundry.[39] Various Kubernetes environments are supported.[40] In 2018 Pega announced platform additions that used artificial intelligence for marketing campaigns, customer interfaces, and robotic automation, as well as a Blockchain kit for Ethereum.[41]

As of late 2013, Pegasystem’s core software, PegaRULES Process Commander (PRPC), was related to BPM.[6] Pegasystems Inc. in March 2016 announced the Pega Client Lifecycle Management (CLM) application.[42][43] The company added artificial intelligence into its customer service software to allow interactions to occur on multiple communication channels at once.[44] The company’s low-code development platform was highlighted in a 2018 Wall Street Journal article, with Pegasystems’ chief technology officer explaining that the software allowed developers to "drag and drop [ready-made software components] to configure applications,” minimizing development time.[45] The company's core product is the Pega Platform, which is part of its Pega Infinity suite of applications for customer engagement and robotic process automation.[38]

In April 2020, during the COVID-19 pandemic, Pegasystems announced an application for financial institutions to manage emergency loan applications from small businesses seeking COVID-19 financial relief.[46] Throughout 2020, Pegasystems helped several of its clients, including the Bavarian government and the Commonwealth Bank of Australia, develop apps to manage issues that arose because of COVID-19.[47][48][49]

Pega’s Voice AI and Messaging AI analyze live customer service conversations in real time to help service agents resolve service requests with reduced manual effort.[50]

Clients and projects

Pegasystems specializes in the following industries: financial services,[21][51] insurance, life sciences, healthcare,[21] government, manufacturing,[21] high tech,[4] communications and media, energy, and utilities. While core areas have traditionally included banking and financial sectors, more recent areas include manufacturing, life sciences and healthcare.[21] As of 2013, other clients included "largely Fortune 500 companies" such as ING, Lloyds Banking Group, BAA,[6] and the state of Maine, which commissioned Pegasystems to create a BPM system to cut administrative costs. By July 2014, PayPal, Cisco Systems, and Philips were using Pegasystems’ CRM software,[4] and BNY Mellon announced they would be integrating Pega into its operation.[51]

In 2017, Global business insurer QBE began using RPA software from Pegasystems to automate processes and reduce employee workloads.[52] Ford Motor Company began using Pegasystems’ low code/no code platform for citizen development.[53] Johnson & Johnson developed their ClinApp built on Pegasystems’ Infinity suite of applications.[54]

See also

References

  1. ^ Worldwide Offices, Pegasystems, November 30, 2018
  2. ^ a b c About – Timeline – Worldwide Offices, www.pega.com, retrieved March 28, 2017
  3. ^ a b c d e "Pegasystems Inc. 2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 16, 2022.
  4. ^ a b c d e Farrell, Michael B. (July 6, 2014). "Seven things you should know about Alan Trefler". Boston Globe. Retrieved March 20, 2017.
  5. ^ High, Peter (September 18, 2017), "Pegasystems Is A 34-Year-Old Startup That Is Built For Change", Forbes
  6. ^ a b c d e f Goodwin, Bill (November 21, 2013). "Pegasystems CEO Alan Trefler plans his next move for the $500m software company". Computer Weekly. Retrieved March 18, 2017.
  7. ^ a b c d e f g h i Rogers, Bruce (February 24, 2015). "Alan Trefler's Pegasystems Is On A Mission To Transform Customer Engagement". Forbes. Retrieved March 19, 2017.
  8. ^ Wayner, Peter (June 16, 2022). "Top 16 business process management tools". CIO. Retrieved July 26, 2022.
  9. ^ "The single-easiest way to make customers fall in love with you". Mashable. May 1, 2015.[unreliable source?]
  10. ^ "Do you know where all of your company's business rules are?". Computerworld. IDG Enterprise. 39 (21): 25. May 23, 2005. ISSN 0010-4841. Retrieved February 2, 2014. Rules engines have been around since the early 1990s when companies such as Pegasystems Inc. in Cambridge, Mass., Fair Isaac Corp. in Minneapolis and ILOG in Mountain View, Calif., sold them. They were typically used in rules-heavy industries such as finance and insurance. Over the past few years, however, many vendors have entered the market, and more companies are looking at rules engines as a way to gain greater flexibility in business operations.
  11. ^ a b "SEC drops Pegasystems probe". Boston Business Journal. Biz Journals. April 10, 2002. Retrieved March 19, 2017.
  12. ^ Goldbaum, Lisa R. (May 13, 1998). "Is The Accounting Cloud Over Pegasystems Finally Lifting?". Barron's. Retrieved March 20, 2017.
  13. ^ Henschen, Doug (March 18, 2010). "Pegasystems To Buy Chordiant For $161.5 Million". InformationWeek. Retrieved March 19, 2017.
  14. ^ a b "Pegasystems acquires Antenna Software". Business Standard. October 16, 2013. Retrieved March 20, 2017.
  15. ^ a b Goodwin, Bill (September 2015). "Why Pegasystems' CEO, Alan Trefler, has learned to think smaller". Computer Weekly. Retrieved March 27, 2017.
  16. ^ a b c Phadnis, Shilpa (May 7, 2014). "Pegasystems buys Bangalore analytics startup MeshLabs". Times of India.
  17. ^ a b c Cutler, Kim-Mai (June 9, 2014). "Pegasystems Acquires Co-Browsing Tool Firefly, The First Investment By First Round's Dorm Room Fund". TechCrunch. Retrieved March 21, 2017.
  18. ^ Oberweiss, Jim (February 10, 2016). "A Basket Of Keepers Among Small-Cap Tech Stocks". Forbes. Retrieved March 27, 2017.
  19. ^ "Pegasystems posts 2Q profit". Yahoo!. July 29, 2015. Archived from the original on October 27, 2016.
  20. ^ Winhoffer, Lindsey (July 31, 2015). "Pegasystems Reaches New 12-Month High Following Earnings Beat (PEGA)". Watchlist News.[dead link]
  21. ^ a b c d e f g Raj, Y V Phani (January 21, 2016). "Cloud to drive Pega growth". Metro India. Archived from the original on July 2, 2016. Retrieved March 27, 2017.
  22. ^ "BRIEF-Pegasystems Inc acquires OpenSpan Inc". Reuters. April 12, 2016. Retrieved March 27, 2017.
  23. ^ Primack, Dan (April 13, 2016). "Term Sheet — Wednesday, April 13". Fortune. Retrieved March 27, 2017.
  24. ^ "Pegasystems launch UAP". The Hans India. Hyderabad, Telangana, India. July 2, 2016. Retrieved March 28, 2017.
  25. ^ "Aflac, Commonwealth Bank of Australia, Google, and Liberty Global join PegaWorld 2018 Keynote lineup". www.pega.com. May 17, 2018.
  26. ^ Scardina, Jesse (June 19, 2017), "CRM AI is the top topic at PegaWorld 2017", Tech Target
  27. ^ Gros, Maryse (February 26, 2019). "Pegasystems acquiert l'outil de dataviz d'Infruid Labs". Le Monde Informatique (in French). Retrieved April 26, 2022.
  28. ^ Goodwin, Bill (June 5, 2020). "Businesses develop apps quickly to manage disruption of Covid-19". Computer Weekly. Retrieved April 26, 2022.
  29. ^ "Dropkick Murphys ink a six-figure deal with Cambridge software firm Pegasystems". bostonglobe.com. May 5, 2020. Retrieved May 6, 2020.
  30. ^ Vizard, Michael (January 11, 2021). "Pegasystems acquires Qurious.io to apply speech analytics to customer service". VentureBeat. Retrieved May 10, 2022.
  31. ^ a b Sullivan, Paul (June 1, 2021). "Meet Pegasystems, a tech company that has teamed up with the Ryder Cup". Golf.com. Retrieved May 3, 2022.
  32. ^ Nichols, Beth Ann (June 1, 2021). "Pega ambassador Mel Reid wears rainbow logo to celebrate Pride Month at U.S. Women's Open". Golfweek. Retrieved May 3, 2022.
  33. ^ Stempel, Jonathan (May 10, 2022). "Appian soars after winning $2.04 bln verdict against Pegasystems". Reuters. Retrieved May 10, 2022.
  34. ^ Maffei, Lucia (May 10, 2022). "Pegasystems shares plummet after $2B verdict". www.bizjournals.com. Retrieved August 2, 2022.
  35. ^ du Preez, Derek (May 24, 2022). "Pega acquires Everflow to advance its process mining and hyper automation ambitions". diginomica.com. Retrieved July 30, 2022.
  36. ^ a b Fluckinger, Don (May 24, 2022). "Pegasystems acquires process mining tech, partners with CDP". TechTarget. Retrieved August 13, 2022.
  37. ^ du Preez, Derek (June 10, 2015). "Pega CEO claims most CRM apps are nothing more than 'conformist online rolodexes'". Diginomica. Archived from the original on September 20, 2015.
  38. ^ a b "Pega Launches Infinity Digital Transformation Suite, Canto DAM Updates, More News". www.cmswire.com. June 8, 2018.
  39. ^ "On CRM: Pega Now Works on Google's Cloud Platform Because Why Choose Sides?". www.forbes.com. June 6, 2018.
  40. ^ "Meeting requirements and prerequisites". Pega. March 27, 2020. Retrieved August 26, 2021.
  41. ^ "Pegasystems gives the channel the Infinity option". www.computerweekly.com. June 2018.
  42. ^ Groenfeldt, Tom (March 21, 2016). "Banks Earn Fees Faster – Pegasystems Cuts Corporate Onboarding Time By 70 Percent". Forbes. Retrieved March 27, 2017.
  43. ^ Kurmanath, K V (September 15, 2016). "Pegasystems unveils enhanced KYC app". The Hindu Business Line. Retrieved March 27, 2017.
  44. ^ Hyken, Shep (March 4, 2017), "Moving From Omni-Channel To A Channel-Less Customer Experience", Forbes
  45. ^ Castellanos, Sara (February 21, 2018), "How Low-Code Can You Go? IT Tests 'Disruptive' App Development", The Wall Street Journal
  46. ^ "Pega launches small business lending reference app". Finextra Research. April 14, 2020. Retrieved April 15, 2020.
  47. ^ Goodwin, Bill (June 5, 2020). "Businesses develop apps quickly to manage disruption of Covid-19". ComputerWeekly.com. Retrieved April 19, 2022.
  48. ^ du Preez, Derek (August 20, 2020). "Commonwealth Bank of Australia is using Pega to aim for millions of personalized experiences". diginomica.com. Retrieved April 19, 2022.
  49. ^ Eyers, James (June 29, 2020). "CommBank using AI to help triage loan deferral customers". Australian Financial Review. Retrieved April 19, 2022.
  50. ^ Plumb, Taryn (February 11, 2022). "Pegasystems aims for better customer service through AI". VentureBeat. Retrieved August 9, 2022.
  51. ^ a b Kline, Alan (June 12, 2014). "How BNY Mellon Aims to Stay on Top for the Next 230 Years". American Banker. Archived from the original on March 8, 2016.
  52. ^ Flinders, Karl (May 26, 2022). "Global business insurer saves 50,000 hours through RPA". ComputerWeekly.com. Retrieved August 16, 2022.
  53. ^ du Preez, Derek (May 31, 2022). "How Ford has embraced citizen development with Pega's low code platform". diginomica.com. Retrieved August 20, 2022.
  54. ^ du Preez, Derek (June 2, 2022). "Johnson & Johnson aims to transform the experience of clinical research with new ClinApp platform". diginomica.com. Retrieved August 23, 2022.

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