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March 16, 2009

Pegasystems reports strong Q4 and year

Software license revenue grew 67%

By CBR Staff Writer

Business process management provider Pegasystems has reported a 50% increase in net income to $2.8m for the fourth quarter 2008, compared to $1.4m in the year-ago quarter, on revenue up 25% at $59.4m.

Operating income was $6.3m, compared to $0.2m in the year-ago quarter. Diluted EPS increased 100% to $0.08.

Software license revenue grew 67% to $25.4m, maintenance revenue grew 22% to $11m, and professional services revenue grew marginally to $22.9m.

For fiscal 2008 the company reported a 57% increase in net income to $11m on revenue up 31% at $212m. Operating income was $14.5m, compared to $2m in the previous year. Diluted EPS increased 50% to $0.30.

Alan Trefler, chairman and chief executive at Pegasystems, said: Our record business results continue to be driven by the substantial returns our customers achieve by applying Pegasystems ‘Build for Change’ technology. 2008 yielded significant client successes across many business operations, including banking, credit cards, lending, property and casualty insurance, life insurance, health payers, care providers, telecom, manufacturing, hospitality, government, and business process outsourcing.

Craig Dynes, CFO of Pegasystems, said:  2009 revenue is expected to exceed $250m, with net profit of about $17m on a GAAP basis and cash flow from operations of approximately $25m.

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