Pegasystems

Last updated

Pegasystems Inc.
Company type Public
Industry Software, low-code platform, AI, customer relationship management, business process management, workflow management system
Founded1983;41 years ago (1983)
Founders Alan Trefler
Headquarters
Cambridge, Massachusetts
,
U.S.
Number of locations
41 (2021) [1] [2]
Key people
Products
RevenueIncrease2.svg US$1.43 billion (2023) [3]
Increase2.svgUS$80.9 million (2023) [3]
Increase2.svgUS$67.8 million (2023) [3]
Total assets Increase2.svgUS$1.51 billion (2023) [3]
Total equity Increase2.svgUS$354 million (2023) [3]
Number of employees
5,406 (2024) [3]
Website pega.com

Pegasystems Inc. (Pega) is an global software company based in Cambridge, Massachusetts, USA, and founded in 1983. [4] The company has been publicly traded since 1996 as PEGA (NASDAQ). [5] Pega is a platform for workflow automation and generative AI-powered decisioning that helps businesses move towards becoming autonomous enterprises. [6]

Contents

History

Early history

Alan Trefler founded Pegasystems in 1983 at the age of 27, in Cambridge, Massachusetts. [4] Prior to founding the company, in the early 1980s Trefler had developed computer systems that could play chess. [5] During the company's early years it focused on providing case management, namely for companies such as American Express. [5] [7] The company went public in 1996 with initial and secondary public offerings, [8] and began trading on NASDAQ under the symbol PEGA. [9]

2010–2019

In March 2010, Pegasystems acquired the enterprise software company Chordiant for around $161.5 million. [10] The acquisition gave Pegasystems access to new markets such as online training, telecommunications and healthcare, with Pegasystems integrating Chordiant and its customer relationship management (CRM) technology into its existing operations. [11] Pega Cloud was introduced using Amazon Web Services in 2012, [2] and in October 2013, Pegasystems acquired the mobile application developer Antenna Software [12] [11] for $27.7 million. Located in New Jersey, Antenna also had bases in Kraków and Bangalore. [12]

In 2014, Pegasystems invested in network operations in North America and India to support its cloud services. [13] In May 2014, Pegasystems acquired the Bangalore-based MeshLabs, a text mining and analytics software startup. Pegasystems acquired Firefly in June 2014, a co-browsing tool funded by First Round Capital. [14]

As of February 2015, the company had active partnerships with IT outsourcing companies such as Hexaware, NIIT Incessant Technologies, Tata Consultancy Services, Infosys, Wipro, HCL Technologies, Accenture and Cognizant. Between 2005 and 2015, Pegasystems had average sales growth of 21% per year. [15] The company Pegasystems acquired OpenSpan Inc., an Atlanta based company specializing in robotic process automation and workforce analytics software. [16]

In February 2019, Pegasystems purchased Infruid Labs, a business analytics and data visualization software company. [17] In May 2019, the company bought In The Chat, a digital messaging platform. [18]

2020–present

In May 2020, Pegasystems sponsored a Boston-based punk band, the Dropkick Murphys, for a benefit concert that took place at Fenway Park. The Dropkick Murphys also had Bruce Springsteen virtually call in on the outfield screen to play alongside the band. The concert was live streamed and helped raise more than $700,000 in COVID relief funds as well as benefiting Habitat for Humanity, Feeding America and the Boston Resiliency Fund. [19] [20]

In January 2021, the company announced it had acquired Qurious.io, which provides a cloud service that analyzes voice calls in real time to support customer service representatives. [21]

In June 2021, Pegasystems became the official supplier of the Ryder Cup. [22] The company also sponsored pro golfers Marc Leishman and Mel Reid. [22] In June 2021, Reid wore Pegasystems' Pride logo, one of the first times a pride logo has been worn in professional golf. [23]

In May 2022, a jury verdict awarded Appian Corporation $2.036 billion in damages for trade secret misappropriation and a damages award of $1 for a violation of the Virginia Computer Crimes Act. [24] [25] The company will not be required to begin paying the judgement until all avenues of appeal have been exhausted. [26] In February 2023, Pega filed an appeal asking the court to overturn the previous judgement and either rule in Pega’s favor or order a new trial. [27]

In 2022, Pegasystems acquired Everflow, a Brazilian process mining company to support their process mining and hyper automation goals. [28]

Products and services

The company's core software product is the Pega Platform, part of its Pega Infinity portfolio of applications for customer engagement and digital process automation, which are designed to connect customer interfaces with back-end process automation. [29] Its applications are certified to work on  Google Cloud  and other public cloud platforms, including  Microsoft Azure,  Amazon Web Services, and Pivotal’s  Cloud Foundry. [30] Various Kubernetes environments are supported. [31]

In March 2016 Pega introduced the Pega Client Lifecycle Management (CLM) application. [32] [33] The company added artificial intelligence into its customer service software. [34] The company’s low-code development platform was highlighted in a 2018 Wall Street Journal article. [35]

In 2018 Pega released platform additions that used artificial intelligence for marketing campaigns, customer interfaces, and robotic automation, as well as a  Blockchain  kit for Ethereum. [36]

In April 2020, during the COVID-19 pandemic, Pegasystems launched an application for financial institutions to manage emergency loan applications from small businesses seeking COVID-19 financial relief. [37] Throughout 2020, Pegasystems helped several of its clients, including the Bavarian government and the Commonwealth Bank of Australia, develop apps to manage issues that arose because of COVID-19. [38] [39] [40]

Pega’s Voice AI and Messaging AI analyze live customer service conversations in real time to help service agents resolve service requests with reduced manual effort. [41]

Pega Infinity

Pega Infinity ‘23 was released in 2023 as the latest version of the Pega Infinity portfolio. [42] It brought AI, low-code, and automation features to Pega products, including Pega Cloud, Pega Platform, Pega Customer Decision Hub, Pega Customer Service, and Pega Sales Automation. [42] [43]

The new portfolio uses Constellation UX, a case management tool. [42]

It also integrated Pega GenAI, 20 new generative AI-powered boosters that also offer a plug and play architecture for low-code development of AI prompts. [42]

Pega GenAI

In 2023, Pega GenAI, a set of 20 generative AI boosters were integrated across Pega’s portfolio of products, Pega Infinity. [43] By the end of the year, Pegasystems generated $1.4 billion in sales. [44] Pegasystems’ GenAI tools are compatible with AWS and Google Cloud’s large language models (LLMs). [45] They include:

Pega GenAI Blueprint, a design-as-a-service tool that lets users optimize application workflow designs with the help of generative AI. [46] The tool lets users describe the purpose of their application, and then provides suggestions to build it. Over 50,000 blueprints have been created using the tool since it went live in April 2024. [47]

Pega GenAI Knowledge Buddy, a generative AI-powered assistant that helps users find answers to questions using enterprise knowledge bases. Responses show attributed source content. [48]

Pega GenAI Socrates, an AI-powered tutor that teaches users how to use Pega software. [49] Its name references the Socratic Method of teaching, which teaches that students should be asked questions, rather than fed information. The tool interacts with students, asking questions to learn their skill level and learning requirements in order to personalize the teaching process. [47]

Clients and projects

Pegasystems provides services in the fields of financial services, [50] [51] insurance, life sciences, healthcare, [50] government, manufacturing, [50] high tech, [4] communications and media, energy, and utilities. [50] Pega clients include ING, [11] Lloyds Banking Group, [11] BAA, the state of Maine, PayPal, Cisco Systems, Philips, [11] and BNY Mellon, Verizon, Aflac, [51] Bupa, [52] Centrica, [18] Coca-Cola [18] , Commonwealth Bank of Australia, [39] Ford [53] , HCA Healthcare, [18] JP Morgan [11] , Shawbrook Bank [54] , and Citi. [55]

As of 2013, other clients included "largely Fortune 500 companies" such as The Brass Rail, Toronto, Lloyds Banking Group, BAA, and the state of Maine, which commissioned Pegasystems to create a BPM system to cut administrative costs. By July 2014, PayPal, Cisco Systems, and Philips were using Pegasystems’ CRM software, [4] and BNY Mellon announced they would be integrating Pega into its operation. [51]

See also

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References

  1. ↑ Worldwide Offices, Pegasystems, November 30, 2018
  2. 1 2 About – Timeline – Worldwide Offices, www.pega.com, retrieved March 28, 2017
  3. 1 2 3 4 5 6 "Pegasystems Inc. 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 14, 2024.
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  6. ↑ Wayner, Peter (June 16, 2022). "Top 16 business process management tools". CIO. Retrieved July 26, 2022.
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  12. 1 2 "Pegasystems acquires Antenna Software". Business Standard . October 16, 2013. Retrieved March 20, 2017.
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  23. ↑ Nichols, Beth Ann (June 1, 2021). "Pega ambassador Mel Reid wears rainbow logo to celebrate Pride Month at U.S. Women's Open". Golfweek. Retrieved May 3, 2022.
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  39. 1 2 du Preez, Derek (August 20, 2020). "Commonwealth Bank of Australia is using Pega to aim for millions of personalized experiences". diginomica.com. Retrieved April 19, 2022.
  40. ↑ Eyers, James (June 29, 2020). "CommBank using AI to help triage loan deferral customers". Australian Financial Review. Retrieved April 19, 2022.
  41. ↑ Plumb, Taryn (February 11, 2022). "Pegasystems aims for better customer service through AI". VentureBeat. Retrieved August 9, 2022.
  42. 1 2 3 4 Stephen, James (September 13, 2023). "Pega Infinity '23 Is Now Generally Available, with New AI & Automation Capabilities". CX Today. Archived from the original on September 25, 2023. Retrieved September 12, 2024.
  43. 1 2 "Pega Unveils Plans for the Autonomous Enterprise at PegaWorld iNspire". www.destinationcrm.com. Retrieved October 9, 2023.
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  46. ↑ Ajao, Esther (February 13, 2024). "Pega GenAI Blueprint aims at application design processes".
  47. 1 2 Davis, Kim (June 10, 2024). "Pega's Blueprint for digital transformation". MarTech. Retrieved November 15, 2024.
  48. ↑ "Pega launches its new generative AI assistant". Financialexpress. January 25, 2024. Retrieved November 15, 2024.
  49. ↑ Almekinders, Sander (June 10, 2024). "Pega deploys GenAI across platform: integrations, development, adoption". Techzine Global. Retrieved November 15, 2024.
  50. 1 2 3 4 Raj, Y V Phani (January 21, 2016). "Cloud to drive Pega growth". Metro India . Archived from the original on July 2, 2016. Retrieved March 27, 2017.
  51. 1 2 3 Kline, Alan (June 12, 2014). "How BNY Mellon Aims to Stay on Top for the Next 230 Years". American Banker. Archived from the original on March 8, 2016.
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  53. ↑ Flake, Ebony. "Tech stocks are plummeting but the CEO of a software development company reveals his winning strategy for leading through a crisis". Business Insider. Retrieved December 17, 2024.
  54. ↑ February 2023, 27th (February 27, 2023). "Shawbrook Bank taps Pegasystems for automated underwriting solution". www.fintechfutures.com. Retrieved December 17, 2024.{{cite web}}: CS1 maint: numeric names: authors list (link)
  55. ↑ Davis, Kim (June 23, 2023). "Citi, Aflac and Verizon: Three different Pega journeys". MarTech. Retrieved November 23, 2024.
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