Pegasystems Positioned as a Leader By Top Industry Analyst Firm; Placement Confirms Pegasystems' Expertise in Business Rules Engine Market
CAMBRIDGE, Mass., Apr. 8, 2002 — Pegasystems Inc. (NASDAQ: PEGA) announced today that Gartner, Inc. has positioned the company in the leader quadrant in its 2002 Business Rules Engine (BRE) Market Magic Quadrant report(1). The Gartner Magic Quadrant report positions organizations based on completeness of vision and the ability to execute that vision.
Gartner evaluated vendors products for technological infrastructure strength, packaging, pricing, ease of installation and use. Gartner also assessed vendors in terms of market recognition by prospects and competitors, its support capabilities and the experience and strength of the management team.
Business rules are the practices and procedures that define a business. Pegasystems' patented rules technology integrates business rules into an organization's technology and process infrastructure. A distinctive rule hierarchy allows businesses to create, develop and customize processes to address the needs of its internal operations, its customers and evolving market conditions. By using Pegasystems' business rules technology, organizations can drive the processes necessary to meet business goals and strategic objectives.
Business rules lay the foundation for applications that are faster to develop, quicker to implement and easier to maintain. Pegasystems has a successful track record of helping companies manage their businesses with rules technology. For example, when it decided to enter the private banking market in Europe, Riggs & Co (a trading name of Riggs Bank N.A. of Washington, DC) sought a comprehensive Customer Relationship Management (CRM) solution to take its wealth management services to the next level. They selected Pegasystems rules based technology to provide this solution.
The goal of Riggs' CRM initiative was to deliver a seamless and holistic view of its private banking customers to its relationship managers. Pegasystems' rules-based process automation solution increased the productivity of Riggs' client managers by regulating and automating key customer management processes. PegaCRM software automated many of the repetitive manual tasks associated with due diligence, account opening, business development planning, portfolio profiling and document generation and other critical activities. Rules underpin much of the flexibility of the Pegasystem, enabling the rapid deployment and manipulation of business processes without the need for lengthy code-driven rewrites.
The current business environment is one of constant change, and Riggs understands the challenge of maintaining flexibility in its business processes without increasing its operational costs. Riggs' PegaCRM software enables an open, non-code driven solution that permits rapid manipulation and deployment of additional features and capabilities.
"With PegaCRM software, we have a flexible, cutting-edge system that will enable us to continue to serve our private banking customers, however complex the business environment may become," said Wadih Hanna, Managing Director of Riggs & Co., International Private Banking.
According to the report authored by Jim Sinur, vice president and research director, Gartner, Inc., "The dynamism needed to survive in the fast-changing technology world is driving the need for more flexible systems and business flows. The BRE is one of the major technologies that is demonstrating an ability to contribute to agility. We expect substantial growth in this market sector, even during challenging economic times."
"We are honored to be positioned as a leader by Gartner," said Alan Trefler, founder and CEO, Pegasystems. "This report underscores the depth and breadth of our ability to execute on our vision validated by our 19 years of delivering pragmatic, rules-based application software."
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. Also, the statements of Gartner are the opinions of Gartner only, and do not constitute the opinion of the Company. 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 Quarterly Report on Form 10K for the quarter ended December 31, 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.
(1) The Magic Quadrant is copyrighted February 2002 by Gartner, Inc. and is reused with permission. Gartner's permission to print or reference its Magic Quadrant should not be deemed to be an endorsement of any company or product depicted in the quadrant. The Magic Quadrant is Gartner's opinion and is an analytical representation of a marketplace at and for a specific time period. It measures vendors against Gartner-defined criteria for a marketplace. The positioning of vendors within a Magic Quadrant is based on the complex interplay of many factors. Gartner does not advise enterprises to select only those firms in the Leaders segment. In some situations, firms in the Visionary, Challenger, or Niche Player segments may be the right match for an enterprise's requirements. Well-informed vendor selection decisions should rely on more than a Magic Quadrant. Gartner research is intended to be one of many information sources and the reader should not rely solely on the Magic Quadrant for decision-making. Gartner expressly disclaims all warranties, express or implied of fitness of this research for a particular purpose.
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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