Pegasystems to Announce First Quarter 2003 Earnings Results

CAMBRIDGE, Mass., Apr. 15, 2003 — Pegasystems Inc. (NASDAQ: PEGA), a leader in rules-based, smart business process management (BPM) software, today announced the general availability of PegaCHECK Smart Adjust, a rules-based, image-enabled product created to intelligently automate check exceptions processing. With a comprehensive set of pre-packaged business processes that handle nearly all error types, PegaCHECK Smart Adjust can help banks streamline implementation, increase productivity and respond to changing business conditions.


PegaCHECK Smart Adjust provides a core foundation for exceptions processing for retail banks. Built on Pegasystems' patented rules engine, Smart Adjust makes straight-through processing a reality with sophisticated decisioning that actually does the work - including complex research and intelligent decisions that automate research and adjustments with minimal manual entry. Flexibility to change business practices and application flows is made easy through the patented rules engine and a graphical user interface. Organizational best practices are embedded throughout with Smart Adjust, and guided processing provides consistent handling while increasing daily processing rates and significantly improving productivity.


PegaCHECK Smart Adjust provides integrated image enablement and the ability to support image exchange for seamless processing of both images and paper. It supports all steps during inquiry, research and resolution and provides integration capabilities for transaction databases. Developed in Java with a Web browser interface, Smart Adjust is designed for easy deployment, access across multiple departments and rapid service fulfillment for branches and corporate customers. The result is an enterprise-wide platform that leverages IT investments, extends the solution across the enterprise and allows for change.


"As the US is getting ready to pass the Check 21 law allowing banks to present and receive check images as legal documents for remittance, banks will need to retool their back office operations," said Robert Hunt, senior analyst at TowerGroup. "It will be critical for their operating environment that they select systems that will prepare them for additional change. Banks should select a comprehensive solution with the flexibility to be customized and modified as changes occur - with minimal IT involvement."


PegaCHECK Smart Adjust is an evolution of technology that has helped top tier banks achieve proven results for the past 20 years, by enabling them to drastically reduce write-offs and debit suspense levels through better control and more efficient processing. Pegasystems solutions have provided straight-through processing capabilities - requiring no manual input - to enable processing of considerably increased volumes without additional staff. In addition, PegaCHECK Smart Adjust helps reduce errors, reduce training time for new hires and provides a standard methodology for handling error types.


"Based on Pegasystems' fourth generation rules platform, PegaCHECK Smart Adjust is built for flexibility, allowing easy process modifications to keep up with changing industry standards without requiring the support of IT," said Henry Ancona, president and COO, Pegasystems. "Not only can it help reduce costs by increasing productivity and maximizing straight-through processing capabilities, it also provides a rules-based platform that will help banks with the agility to change as their business changes."


Forward-Looking Statements


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. The words "believe," "expect," "hope," "anticipate," "plan" and similar expressions 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 impact of pending regulatory proceedings, difficulty in predicting the completion of product implementations and consequently the timing of revenue recognition, the inability to attract and retain key employees, reliance on key third-party relationships, management of the Company's growth, 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 Annual Report on Form 10K for the year ended December 31, 2002 on file with the Securities and Exchange Commission. 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.


NOTE: Pegasystems is a registered trademark of Pegasystems Inc. Other product and company names may be trademarks of their respective owners.

About Pegasystems

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.

All trademarks are the property of their respective owners.

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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Pegasystems Inc.
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Phone +1 617-374-9600
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