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Pegasystems Inc. is an American software company based in Cambridge, Massachusetts.[1] Founded in 1983, Pegasystems develops software for customer relationship management (CRM),[2] robotic process automation (RPA),[3] and business process management (BPM).[2] The company has been publicly traded since 1996 as PEGA (NASDAQ).[4] 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.[5]

History

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Early history

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Alan Trefler founded Pegasystems in 1983 at the age of 27, in Cambridge, Massachusetts.[1] Prior to founding the company, in the early 1980s Trefler had developed computer systems that could play chess.[4] During the company's early years it focused on providing case management, namely for companies such as American Express.[4][6] Trefler recollects that when he started Pegasystems, he wanted to create software for business people, how business-people wanted things to work.[4] An article in Computerworld traces business rules engine to the early 1990s and to products from Pegasystems, Fair Isaac Corp and ILOG.[7] As a private company, Pegasystems was "bootstrapped" initially, but did not take on outside investors.[4] The company went public in 1996 with initial and secondary public offerings,[8] 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.[4] Pegasystems entered a period of financial trouble in the late 1990s, following a dispute with its accountants, Ernst & Young.[9] After restating their earnings, Pegasystems faced an investigation by the SEC, which was dropped in 2002.[8]

Acquisitions

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In March 2010, Pegasystems acquired the enterprise software company Chordiant for around $161.5 million.[10] 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.[2] Pega Cloud was introduced using Amazon Web Services in 2012,[11] and in October 2013, Pegasystems acquired the mobile application developer Antenna Software[12][2] for $27.7 million. Located in New Jersey, Antenna also had bases in Kraków and Bangalore.[12]

Recent history

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Pegasystems hired a cloud technology proponent to develop its cloud technology strategy in 2014. Over the following year, Pegasystems invested in network operations in North America and India to support its cloud services.[13] 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.[14] Pegasystems acquired Firefly in June 2014, a co-browsing tool funded by First Round Capital.[15] The startup from Philadelphia, Pennsylvania was the company's first move into the cobrowsing market.[15] By the summer of 2014, Pegasystems remained headquartered in Cambridge, Massachusetts with 2,700 employees.[14][15] By July 2014 the company was worth around US$1 billion.[1]

By early 2015, Pegasystems remained a publicly traded company[4] on the Nasdaq,[14] with 3,000 employees, 30 offices, and "more than half a billion dollars in revenue."[4] 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.[13] Between 2005 and 2015, Pegasystems had average sales growth of 21% per year.[16] There was a steady rise in the company's share price in 2015,[17] with higher than expected revenues from the year prior.[18] In January 2016, it was reported that Pegasystems planned on raising its number of employees significantly,[19] and the company announced the acquisition of OpenSpan Inc. in April 2016.[20] Based in Atlanta, Georgia, OpenSpan specialized in robotic process automation and workforce analytics software.[21]

In 2016, Pegasystems announced training and certification on the Pega 7 platform for educators and students.[22] Since 2006, the company has held an annual users' conference, PegaWorld.[11][23] Clients Google, Aflac, and Anthem promoted Pega software at the 2018 PegaWorld conference.[24]

Products and services

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Pegasystems develops and supports software[19] for customer engagement[4] and operations.[19] In particular, Pegasystems specializes in software for business process management (BPM) and customer relationship management (CRM),[2] and is seen as offering more bespoke technology than competitors such as Oracle Corporation or SAP ERP.[25] 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.[5] 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.[26] Various Kubernetes environments are supported.[27] 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.[28]

As of late 2013, Pegasystem’s core software, PegaRULES Process Commander (PRPC), was related to BPM.[2] Pegasystems Inc. in March 2016 announced the Pega Client Lifecycle Management (CLM) application.[29][30] The company added artificial intelligence into its customer service software to allow interactions to occur on multiple communication channels at once.[31] 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.[32]

In April 2020, Pegasystems Inc. announced an application for financial institutions to manage emergency loan applications from small businesses seeking COVID-19 financial relief.[33]

Clients and projects

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Pegasystems specializes in the following industries: financial services,[19][34] insurance, life sciences, healthcare,[19] government, manufacturing,[19] high tech,[1] 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.[19] As of 2013, other clients included "largely Fortune 500 companies" such as ING, Lloyds Banking Group, BAA,[2] 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,[1] and BNY Mellon announced they would be integrating Pega into its operation.[34]

Musical sponsorship

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Since March 2020, Pegasystems sponsored the Boston punk band Dropkick Murphys.[35]

See also

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References

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Vorlage:Reflist

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[[Category:American companies established in 1983]] [[Category:Software companies established in 1983]] [[Category:1983 establishments in Massachusetts]] [[Category:Companies based in Cambridge, Massachusetts]] [[Category:Software companies based in Massachusetts]] [[Category:CRM software companies]] [[Category:Companies listed on the Nasdaq]] [[Category:1996 initial public offerings]] [[Category:Software companies of the United States]]

  1. ↑ a b c d e Michael B. Farrell: Seven things you should know about Alan Trefler In: Boston Globe, July 6, 2014. Abgerufen im March 20, 2017 
  2. ↑ a b c d e f g Bill Goodwin: Pegasystems CEO Alan Trefler plans his next move for the $500m software company. Computer Weekly, 21. November 2013, abgerufen am 18. März 2017.
  3. ↑ Vorlage:Citation
  4. ↑ a b c d e f g h i Vorlage:Cite magazine
  5. ↑ a b Pega Launches Infinity Digital Transformation Suite, Canto DAM Updates, More News. In: www.cmswire.com. 8. Juni 2018;.
  6. ↑ The single-easiest way to make customers fall in love with you. Mashable, 1. Mai 2015;.Vorlage:Unreliable source?
  7. ↑ Do you know where all of your company's business rules are? In: Computerworld. 39. Jahrgang, Nr. 21. IDG Enterprise, 23. Mai 2005, ISSN 0010-4841, S. 25 (google.com [abgerufen am 2. Februar 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.“
  8. ↑ a b SEC drops Pegasystems probe. Biz Journals, 10. April 2002, abgerufen am 19. März 2017.
  9. ↑ Lisa R. Goldbaum: Is The Accounting Cloud Over Pegasystems Finally Lifting? In: Barron's, May 13, 1998. Abgerufen im March 20, 2017 
  10. ↑ Vorlage:Cite magazine
  11. ↑ a b Referenzfehler: Ungültiges <ref>-Tag; kein Text angegeben für Einzelnachweis mit dem Namen pega-about.
  12. ↑ a b Pegasystems acquires Antenna Software In: Business Standard, October 16, 2013. Abgerufen im March 20, 2017 
  13. ↑ a b Bill Goodwin: Why Pegasystems' CEO, Alan Trefler, has learned to think smaller In: Computer Weekly, September 2015. Abgerufen im March 27, 2017 
  14. ↑ a b c Shilpa Phadnis: Pegasystems buys Bangalore analytics startup MeshLabs In: Times of India, May 7, 2014 
  15. ↑ a b c Kim-Mai Cutler: Pegasystems Acquires Co-Browsing Tool Firefly, The First Investment By First Round's Dorm Room Fund In: TechCrunch, June 9, 2014. Abgerufen im March 21, 2017 
  16. ↑ Jim Oberweiss: A Basket Of Keepers Among Small-Cap Tech Stocks In: Forbes, February 10, 2016. Abgerufen im March 27, 2017 
  17. ↑ Pegasystems posts 2Q profit. Yahoo!, 29. Juli 2015, archiviert vom Original am 27. Oktober 2016;.
  18. ↑ Lindsey Winhoffer: Pegasystems Reaches New 12-Month High Following Earnings Beat (PEGA). Watchlist News, 31. Juli 2015;. (Seite nicht mehr abrufbar, festgestellt im März 2017.)
  19. ↑ a b c d e f g Y V Phani Raj: Cloud to drive Pega growth (Memento des Originals vom July 2, 2016 im Internet Archive) In: Metro India, January 21, 2016. Abgerufen im March 27, 2017 
  20. ↑ BRIEF-Pegasystems Inc acquires OpenSpan Inc In: Reuters, April 12, 2016. Abgerufen im March 27, 2017 
  21. ↑ Dan Primack: Term Sheet — Wednesday, April 13 In: Fortune, April 13, 2016. Abgerufen im March 27, 2017 
  22. ↑ Pegasystems launch UAP In: The Hans India, July 2, 2016. Abgerufen im March 28, 2017 
  23. ↑ Vorlage:Citation
  24. ↑ Aflac, Commonwealth Bank of Australia, Google, and Liberty Global join PegaWorld 2018 Keynote lineup. In: www.pega.com. 17. Mai 2018;.
  25. ↑ Derek du Preez: Pega CEO claims most CRM apps are nothing more than 'conformist online rolodexes'. Diginomica, 10. Juni 2015, archiviert vom Original am 20. September 2015;.
  26. ↑ On CRM: Pega Now Works on Google's Cloud Platform Because Why Choose Sides? In: www.forbes.com. 6. Juni 2018;.
  27. ↑ Meeting requirements and prerequisites. In: Pega. 27. März 2020, abgerufen am 26. August 2021 (englisch).
  28. ↑ Pegasystems gives the channel the Infinity option. In: www.computerweekly.com. Juni 2018;.
  29. ↑ Tom Groenfeldt: Banks Earn Fees Faster – Pegasystems Cuts Corporate Onboarding Time By 70 Percent In: Forbes, March 21, 2016. Abgerufen im March 27, 2017 
  30. ↑ K V Kurmanath: Pegasystems unveils enhanced KYC app In: The Hindu Business Line, September 15, 2016. Abgerufen im March 27, 2017 
  31. ↑ Vorlage:Citation
  32. ↑ Vorlage:Citation
  33. ↑ Pega launches small business lending reference app. In: Finextra Research. 14. April 2020, abgerufen am 15. April 2020 (englisch).
  34. ↑ a b Alan Kline: How BNY Mellon Aims to Stay on Top for the Next 230 Years. American Banker, 12. Juni 2014, archiviert vom Original am 8. März 2016;.
  35. ↑ Dropkick Murphys ink a six-figure deal with Cambridge software firm Pegasystems. In: bostonglobe.com. 5. Mai 2020, abgerufen am 6. Mai 2020.
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