Pegasystems Inc. Completes Acquisition of 1mind Corporation
CAMBRIDGE, Mass., Feb. 7, 2002 — Pegasystems Inc. (NASDAQ: PEGA), a provider of rules-driven, process automation software for CRM, today announced it has completed its acquisition of 1mind Corporation, a privately held company and recognized provider of CRM and e-business solutions for healthcare payer and insurance companies. As the company detailed in a press release and conference call held on January 29, 2002, the acquisition increases Pegasystems customer base, strengthens its management and delivery teams and deepens its product offerings. In addition, Tom Congoran, former president of 1mind, has been named vice president of Pegasystems' Healthcare business unit.
Pegasystems purchased 1mind's assets for shares of, and warrant for, Pegasystems' common stock valued at approximately $3.6 million. The Company may provide up to $6 million of additional consideration in the form of stock and cash. Any additional consideration will be paid in 2003. Robertson Stephens acted as the exclusive financial advisor in this transaction.
The press release associated with this announcement may be accessed at the Pegasystems Website, http://www.pegasystems.com/nws.
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 the possibility that the integrated products may not work as expected, the possibility that the market might not grow at the projected rate, 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 10K and Quarterly Report on Form 10Q for the quarter ended September 30, 2001 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.
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.
Lisa Pintchman Rogers
VP, Corporate Communications
Director, Corporate Communications
Sr. Manager, Public Relations
Director, Corporate Communications
+44 (0) 118 9651 660
PR & Communications Manager
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Cambridge, MA 02142
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