Virtusa Adds BPM to Its Portfolio of Services With Expanded Commitment to Pegasystems
CAMBRIDGE, Mass., Aug. 5, 2004 — Pegasystems Inc. (NASDAQ: PEGA), a leading provider of smart, rules-based business process management (BPM) software, today announced that Virtusa Corporation, a Pegasystems services partner, has purchased PegaRULES Process Commander for the purpose of expanding its services offering around BPM. The agreement was reached in Q1 of this year. Virtusa has more than 100 experienced Process Commander designers and implementers and plans to evaluate the "smart" platform to build internal applications to support its global infrastructure.
"Virtusa is excited about expanding its relationship with Pegasystems," said John Gillis, executive vice president of Virtusa. "We've been partnering with Pegasystems' core engineering team for over two years in multiple ways to increase the efficiencies of their software development efforts. We have worked closely with them to accelerate the design and development process of PegaRULES Process Commander."
"In addition," Gillis added, "as part of our relationship with Pegasystems, we've built vertical applications and have implemented client-specific solutions utilizing Process Commander. Finally, we've collaborated with Pega to migrate industry-specific solutions for financial services organizations and call centers from earlier Pega platforms to state-of-the-art Process Commander."
"As we engaged with Pegasystems on building client-specific solutions, we were amazed to see how quickly our combined teams could generate a fully functional solution for the clients," continued Gillis. "Investing in Process Commander at that point made a lot of sense, given our combined value proposition to help our clients cut costs and generate more revenue."
"Virtusa has been a strategic partner for over two years and has contributed significantly by bringing increased development efficiencies to our initiatives," said Samir Gulati, vice president of global marketing and alliances for Pegasystems. "Virtusa is a thought leader in the IT outsourcing industry. We've been consistently impressed with their 'out-of-the-box' thinking, domain knowledge and technology expertise. We look forward to working with them to help our customers leverage smart BPM solutions."
Virtusa is a global provider of software development and related IT services. We deliver a measurable delta in productivity, profitability, and shareholder value to the world's leading companies. Virtusa specializes in increasing business agility, streamlining redundancies, and achieving economies of scale for our clients through a comprehensive set of IT services. Virtusa's blue chip client base includes Fortune 1000 enterprises and leading software product companies from the financial services, telecommunications, retail, and other industries. Founded in 1996 and headquartered in Massachusetts, USA, Virtusa has offices and technology centers around the world. For more information, please visit www.virtusa.com.
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 including, without limitation, our financial guidance with respect to 2004 revenue, profit before tax, tax rate, earnings per share and cash from operating activities. The words "believe," "expect," "hope," "anticipate," "plan" and similar expressions, among others, 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 volatility of our quarterly operating results, difficulty in predicting the completion of product implementations and consequently the timing of our license revenue recognition, the timing of term software license renewals, customer acceptance of our new PegaRULES Process Commander technology, our ability to develop new products and evolve existing ones, the impact on our business of the ongoing consolidation in the financial services market, historically our core market, our ability to attract and retain key employees, reliance on certain key third-party relationships, 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 most recent report on form 10-K and other recent filings on file with the Securities and Exchange Commission. The forward-looking statements contained in this press release represent the Company's views as of August 5, 2004. 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. Although subsequent events may cause the Company's view to change, the Company does not undertake and specifically disclaims any obligation to publicly update or revise these forward-looking statements, whether as the result of new information, future events or otherwise. The statements should therefore not be relied upon as representing the Company's view as of any date subsequent to the date of this release.
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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
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