Pega Cloud Continues to Expand in Third Quarter of 2020
Pegasystems Inc. (NASDAQ: PEGA), the software company empowering digital transformation at the world’s leading enterprises, released its financial results for the third quarter of 2020.
“Our results through Q3 demonstrate our ability to forge through and succeed during a challenging time,” said Alan Trefler, founder and CEO, Pegasystems. “Digital transformation is central to our clients’ continued existence and prosperity, and our software is ideally suited for organizations that continue to face immediate needs today while they transform for tomorrow.”
“Our subscription revenue grew 27 percent year over year in the first nine months of 2020, reflecting the impact of passing the midpoint of our cloud transition,” said Ken Stillwell, CFO, Pegasystems. “This demonstrates the power of achieving ACV growth of more than 20 percent over multiple years. With over $450 million of cash and investments on the balance sheet and an impressive portfolio of enterprise clients, Pega is in a strong position to capture an even greater share of the $50+ billion market for digital transformation solutions.”
Quarterly conference call
A replay of the call is available on www.pega.com by clicking the Earnings Calls link in the Investors section.