SyntelliRead Joins Pegasystems Alliance Program

CAMBRIDGE, Mass., Sep 8, 2003 — Pegasystems Inc. (NASDAQ: PEGA), a leading provider of rules-based, smart business process management software (BPM), today announced that SyntelliRead Inc., a leading provider of text interpretation software, has joined Pegasystems' Alliance Program as a technology partner. The companies will work together to provide customers with increased straight-through processing capabilities.


"We have been using Pegasystems to handle our payment investigations and SyntelliRead to interpret the incoming messages since 2001," said Debbie Ramsammy, business liaison, Operations, UBS Investment Bank. "This has enabled us to automate many of the investigations with some requiring no manual intervention at all."


"Computer systems can't understand human communication in its native form," said Michael Jeske, president, SyntelliRead. "They require data that's rigidly structured and formatted, and thus they can't deal with the informality, inconsistency, ambiguity, and incompleteness of human language. Our software converts human communication into a form that computers can understand. It eliminates the manual re-keying of free-formatted data into Pegasystems' BPM software and automatically invokes the appropriate business process for each inbound message. With Pegasystems' expertise in business process management, we're confident we can provide our joint customers with solutions that will help increase straight-through processing, and automate the processing of investigations."


SyntelliRead applications facilitate straight-through processing and add increased value to message handling systems by removing the manual routing and data re-keying that often impedes automated message-handling processes. The software helps organizations accurately and intelligently interpret and classify unstructured text, extracting relevant information from text and transforming it into structured data to facilitate processing by other systems. Pegasystems' rules-based BPM software automates both the business decisions and the processes that drive them, automating not only the routing and assigning of work, but also its resolution.


"SyntelliRead has a solid presence in the financial services industry, with pre-packaged knowledge bases available that expedite the roll-out of message-interpretation projects," said Andy Elliott, director of Product Management, Pegasystems. "Combining SyntelliRead's capabilities with ours will help our customers achieve improved straight-through processing and help them achieve a greater return on investment."


Pegasystems is building a comprehensive Alliance Program, comprised of three types of partnerships: services partners, solution partners, and technology partners. Services partners are system integrators and consultants that scope, design, build, deploy and/or manage client-specific, Pegasystems-based implementations. Solution partners are software development companies that develop repeatable market-specific solutions, based on a combination of partner and Pegasystems technology. Technology partners are companies that interact with, complement or add value to Pegasystems technology.


About SyntelliRead


SyntelliRead, Inc. is a software product company focused exclusively on developing text interpretation technology for commercial applications. Since 1994, the company has specialized in providing sophisticated solutions for a technically challenging problem that plagues many corporations: the ability to consistently and efficiently process free-formatted text. SyntelliRead software can process text from any source, in any format, regarding any subject in any industry. SyntelliRead is headquartered in Califon, New Jersey. For more information, visit www.syntelliread.com.


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 Quarterly Report on Form 10Q for the quarter ended June 30, 2003 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.

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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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