Pegasystems Reaches Settlement with Carreker Corporation
CAMBRIDGE, Mass., Nov. 5, 2001 — Pegasystems Inc. (NASDAQ: PEGA) today announced that a settlement had been reached with Carreker Corporation (NASDAQ: CANI) for all matters relating to legal and administrative actions around the Exception Management product and services dispute.
In its most recent Form 10-Q, Pegasystems disclosed that it was engaged in legal discussions with Carreker due to their purchase of Check Solutions and that it had subsequently filed for, and was granted, injunctive relief. The injunction order sought to enjoin and restrain Carreker from developing, marketing, licensing, advertising, leasing or selling Exception Management products or services (including certain products acquired during the Check Solutions business combination) that competed with products jointly developed by Carreker and Pegasystems under a Product Development, Distribution and Sublicensing Agreement (the "Agreement") effective May 5, 1999. Pegasystems today announced that the legal proceedings have been settled and the Parties have reached agreement on terms allowing the parties to develop, market, license, advertise, lease, sell, install or implement their respective products in the Exception Management market.
"We are pleased to have reached a settlement that benefits both our customers and our shareholders," said Rick Jones, president and COO, Pegasystems. "We are excited about the opportunities that are now available to us in the Exception Management market."
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 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 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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Lisa Pintchman Rogers
VP, Corporate Communications
Director, Corporate Communications
Sr. Manager, Public Relations
Director, Corporate Communications
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