Insurance Industry Report Says Pegasystems Should Be On Insurers' Short List of Vendors
CAMBRIDGE, Mass., April 15, 2004 — International research firm Celent Communications has recommended Pegasystems Inc. (NASDAQ: PEGA) as one of the top three providers of business process management (BPM) solutions to the insurance industry, and the only company with a fully integrated, complete business-rules engine.
In its recently released research report, "Business Process Management Vendor Evaluations," Celent said Pegasystems' PegaRULES Process Commander "should be on most insurers' short lists" when they consider a complete BPM solution. The Celent report reviewed BPM offerings from seven different vendors.
Celent defined a complete BPM solution as enabling the design, integration, execution, monitoring and optimization of workflows between people and applications. Pegasystems has all four elements that enable those functions: core BPM elements, three user pairs (human-to-human, human-to-system and system-to-system), content management and a business rules engine. Of the seven vendors reviewed, only Pegasystems has a fully developed business rules engine. Celent noted the "close relationship between business process management and business rules engines" as one of the market's key dynamics.
"As the only fully integrated business process management and business-rules engine solution, PegaRULES Process Commander gives insurers a 'once and done' option to obtain both solutions with a single purchase decision," the report says. It adds, "PegaRULES Process Commander brings good design and robust functionality to both its BPM and BRE sides."
Process Commander Version 4 enables large companies to respond to changing customer, market and competitive conditions by creating and/or changing applications and automated processes in days, not months. Process Commander's easy-to-use interfaces and BAM capabilities enable business line managers to create, monitor and change the critical processes that comprise true BPM — not just the receiving, routing and reporting of complex customer and partner work, but more importantly, the researching, responding and resolving of that work.
"Celent's report is great validation of our belief that BPM solutions are most effective when they have a strong rules foundation," said Pegasystems COO Henry Ancona. "A rules-based approach provides business users with agility in the face of complexity and rapid change — precisely the conditions that insurers deal with every day."
Certain statements contained in this press release may be construed as "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 including, without limitation, our financial guidance with respect to 2004 revenue, profit before tax, tax rate, earnings per share and cash from operating activities. The words "believe," "expect," "hope," "anticipate," "plan," and similar expressions, among others, identify forward-looking statements, which speak only as of the date the statement was made. The Company does not undertake and specifically disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These statements are based on current expectations and assumptions and involve various risks and uncertainties, which could cause the Company's actual results to differ from those expressed in such forward-looking statements. These risks and uncertainties include volatility of our quarterly operating results, difficulty in predicting the completion of product implementations and consequently the timing of our license revenue recognition, the timing of term software license renewals, customer acceptance of our new PegaRULES Process Commander technology, our ability to develop new products and evolve existing ones, the impact on our business of the ongoing consolidation in the financial services market, historically our core market, our ability to attract and retain key employees, reliance on certain key third-party relationships, and other risks and uncertainties. Further information regarding these and other factors, which could cause the Company's actual results to differ materially from any forward-looking statements contained in this press release, is contained in the Company's most recent report on form 10-K and other recent filings on file with the Securities and Exchange Commission. The forward-looking statements contained in this press release represent the Company's views as of April 15, 2004. Investors are cautioned not to place undue reliance on such forward-looking statements and there are no assurances that the matters contained in such statements will be achieved. Although subsequent events may cause the Company's view to change, the Company does not undertake and specifically disclaims any obligation to publicly update or revise these forward-looking statements, whether as the result of new information, future events or otherwise. The statements should therefore not be relied upon as representing the Company's view as of any date subsequent to the date of this release.
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Pegasystems (NASDAQ: PEGA) develops strategic applications for marketing, sales, service, and operations. Pega’s applications streamline critical business operations, connect enterprises to their customers seamlessly in real-time across channels, and adapt to meet rapidly changing requirements. Pega’s Global 3000 customers include many of the world’s most sophisticated and successful enterprises. Pega’s applications, available in the cloud or on-premises, are built on its unified Pega 7 platform, which uses visual tools to easily extend and change applications to meet clients’ strategic business needs. Pega’s clients report that Pega gives them the fastest time to value, extremely rapid deployment, efficient re-use, and global scale. For more information, please visit us at www.pega.com.
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The information contained in this press release is not a commitment, promise, or legal obligation to deliver any material, code or functionality. The development, release and timing of any features or functionality described remains at the sole discretion of Pegasystems, Pegasystems specifically disclaims any liability with respect to this information.
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