Pegasystems Secures NASDAQ Hearing Due to Delayed Filing of Form 10-Q

CAMBRIDGE, Mass., Nov 16, 2006 — Pegasystems Inc. (Nasdaq: PEGA) announced today that the Company has secured a hearing before a NASDAQ Listing Qualifications Panel in response to the receipt on November 13, 2006 of a NASDAQ Staff Determination letter indicating Pegasystems is not in compliance with the filing requirement for continued listing as set forth in Marketplace Rule 4310(c)(14).


As anticipated, the letter was issued in accordance with standard NASDAQ procedures due to the delayed filing of the Company's Form 10-Q for the third quarter of 2006. Pending a decision by the panel, Pegasystems shares will continue to be listed on the NASDAQ Global Select Market.


As previously announced on October 17, 2006, Pegasystems is unable to file its Form 10-Q for the third quarter of 2006 because the Company is in the process of reviewing its accounting, primarily involving the timing of revenue recognition for certain arrangements which include fixed-price services. The Company continues to work diligently to address this matter.

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.

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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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Media Contacts

Lisa Pintchman Rogers
VP, Corporate Communications
[email protected]
+1 617-866-6022

North America:
Sean Audet
Director, Corporate Communications
[email protected]
+1 617-528-5230

Ilena Ryan
Sr. Manager, Public Relations
[email protected]
+1 617-866-6722

Europe:
Joanna Richardson
Director, Corporate Communications
[email protected]
+44 (0) 118 9651 660

Jon Brigden
PR & Communications Manager
[email protected]
+44 (0) 118 9398 584

Pegasystems Inc.
One Rogers St.
Cambridge, MA 02142
U.S.A.
Phone +1 617-374-9600
Fax +1 617-374-9620