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CAMBRIDGE, MA -- (Marketwired) -- 08/08/13 -- Pegasystems Inc. (NASDAQ: PEGA), the leader in Business Process Management (BPM) and a leading provider of Customer Relationship Management (CRM) solutions, today announced financial results for the second quarter and first six months of 2013. Revenue for the second quarter of 2013 increased 12% compared to the second quarter of 2012. Net income for the second quarter of 2013 was $4.7 million, or $0.12 per share, compared to net loss of $2.3 million, or $(0.06) per share, for the second quarter of 2012. Revenue for the first six months of 2013 increased 8% to $233.6 million compared to the first six months of 2012. Net income for the first six months of 2013 was $13.8 million, or $0.36 per share, compared to net income of $1.8 million, or $0.05 per share, for the first six months of 2012.

                         SELECTED FINANCIAL RESULTS

                                  Three Months Ended      Six Months Ended
                                       June 30,               June 30,
($ in '000s)                        2013       2012       2013       2012
                                 ---------- ---------  ---------- ----------
License revenue                  $   40,206 $  30,999  $   83,415 $   66,942
Total revenue                    $  117,315 $ 105,056  $  233,561 $  216,223
Income (loss) from operations    $    7,053 $  (2,684) $   20,004 $    3,235
Net income (loss)                $    4,703 $  (2,267) $   13,772 $    1,790
Earnings (loss) per share, basic
 and diluted                     $     0.12 $   (0.06) $     0.36 $     0.05

Business Perspective

"Our software license revenue growth, up 25 percent year to date, is a sign that more global enterprises see Pega as a better way to achieve their strategic business goals," said Alan Trefler, Founder and CEO of Pegasystems. "This trend was also evident at PegaWORLD 2013 in Orlando in June, where we hosted a record number of clients, partners and prospects, with keynotes from global brands such as Cisco, AIG, and Accenture. Their success stories show that Pega is being used to drive rapid transformational change that boosts operational efficiency, better engages customers, and improves sales and marketing effectiveness. We also previewed our Pega 7 platform, which will change the game by making it faster and easier to create highly scalable BPM, Case Management and CRM solutions. Clients clearly continue to see an agility advantage in our unified platform, and Pega 7 takes this advantage to a whole new level."

"We were pleased to see improved results and growth across all geographic regions, particularly in Europe. Our global partner ecosystem drove more client implementations in the quarter, and the involvement of our partner organizations continues to steadily increase. During the quarter, we also saw our leadership ranking in CRM continue to improve with the world's largest independent industry analyst firm, citing Pega as the best overall provider for large scale call centers with complex processes. When you combine this with our #1 position in BPM and Case Management, it makes for a powerful combination," concluded Mr. Trefler.

Pegasystems will host a conference call and live Webcast associated with this announcement at 6:00 p.m. EDT on August 8, 2013. Dial-in information is as follows: 1 (877) 348-9349 (domestic) or 1 (678) 809-1046 (international). To listen to the Webcast log onto www.pega.com at least 5 minutes prior to the event's broadcast and click on the Webcast icon in the Investors section. A replay of the call will also be available on www.pega.com in the Investors section Audio Archives link.

Discussion of Non-GAAP Measures

To supplement financial results presented in accordance with Generally Accepted Accounting Principles in the U.S. ("GAAP"), the Company provides Non-GAAP measures, including in this release. Pegasystems' management utilizes a number of different financial measures, both GAAP and Non-GAAP, in analyzing and assessing the overall performance of the business, for making operating decisions, and for forecasting and planning for future periods. The Company's annual financial plan is prepared both on a GAAP and Non-GAAP basis, and both are approved by our board of directors. In addition and as a consequence of the importance of these measures in managing the business, the Company uses Non-GAAP measures and financial performance results in the evaluation process to establish management's compensation.

The Non-GAAP measures exclude amortization of intangible assets and stock-based compensation. The Company believes that these Non-GAAP measures are helpful in understanding our past financial performance and our anticipated future results. These Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of the Company's GAAP to Non-GAAP measures is included in the financial schedules at the end of this release.

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 "anticipate," "project," "expect," "plan," "intend," "believe," "estimate," "should," "target," "forecast," "could," "preliminary," "guidance" and similar expressions, among others, identify forward-looking statements, which speak only as of the date the statement was made. 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, among others, variation in demand for our products and services and the difficulty in predicting the completion of product acceptance and other factors affecting the timing of our license revenue recognition, the ongoing consolidation in the financial services and healthcare markets, reliance on third party relationships, the potential loss of vendor specific objective evidence for our professional services, and management of the Company's growth. 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 Annual Report on Form 10-K for the year ended December 31, 2012 and other recent filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release represent the Company's views as of August 8, 2013. 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 August 8, 2013.

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About Pegasystems
Pegasystems revolutionizes how leading organizations optimize customer experience and automate operations. Our patented Build for Change® technology empowers business people to create and evolve their critical business systems. Pegasystems is the recognized leader in business process management and is also ranked as a leader in customer relationship management software by leading industry analysts. For more information, please visit us at www.pega.com.

All trademarks are the property of their respective owners.

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.

                              Pegasystems Inc.
         Unaudited Condensed Consolidated Statements of Operations
                  (In thousands, except per share amounts)

                                  Three Months Ended     Six Months Ended
                                       June 30,              June 30,
                                    2013       2012       2013       2012
                                 ---------  ---------  ---------  ---------
Revenue:
Software license                 $  40,206  $  30,999  $  83,415  $  66,942
Maintenance                         37,937     34,495     74,259     65,340
Professional services               39,172     39,562     75,887     83,941
                                 ---------  ---------  ---------  ---------
    Total revenue                  117,315    105,056    233,561    216,223
                                 ---------  ---------  ---------  ---------
Cost of revenue:
Software license                     1,576      1,579      3,159      3,178
Maintenance                          3,772      3,718      7,507      7,327
Professional services               32,530     34,690     64,865     71,016
                                 ---------  ---------  ---------  ---------
    Total cost of revenue (1)       37,878     39,987     75,531     81,521
                                 ---------  ---------  ---------  ---------
Gross profit                        79,437     65,069    158,030    134,702
                                 ---------  ---------  ---------  ---------
Operating expenses:
Selling and marketing               45,346     41,188     84,616     79,583
Research and development            19,761     18,901     39,337     37,905
General and administrative           7,277      7,664     14,073     13,979
                                 ---------  ---------  ---------  ---------
    Total operating expenses (1)    72,384     67,753    138,026    131,467
                                 ---------  ---------  ---------  ---------
Income (loss) from operations        7,053     (2,684)    20,004      3,235
Foreign currency transaction
 loss                                 (437)      (841)    (2,327)      (101)
Interest income, net                   135         94        253        205
Other (expense) income, net            (94)       263        745       (576)
                                 ---------  ---------  ---------  ---------
Income (loss) before provision
 for income taxes                    6,657     (3,168)    18,675      2,763
Provision (benefit) for income
 taxes                               1,954       (901)     4,903        973
                                 ---------  ---------  ---------  ---------
      Net income (loss)          $   4,703  $  (2,267) $  13,772  $   1,790
                                 =========  =========  =========  =========
Earnings (loss) per share:
Basic and Diluted                $    0.12  $   (0.06) $    0.36  $    0.05
                                 =========  =========  =========  =========
Weighted-average number of
 common shares outstanding:
Basic                               37,949     37,865     37,948     37,812
Diluted                             38,749     37,865     38,769     38,931
Dividends per share              $    0.03  $    0.03  $    0.06  $    0.06
                                 =========  =========  =========  =========
(1) Includes stock-based
 compensation as follows:
Cost of revenue                      1,014        884      2,187      1,861
Operating expenses                   2,267      2,102      4,526      3,977



                              PEGASYSTEMS INC.
          RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES (1)
                   ($ in thousands, except per share data)

                                   Three Months Ended     Six Months Ended
                                     June 30, 2013         June 30, 2013
                                 --------------------- ---------------------

Net Income and Diluted EPS -
 GAAP basis                      $    4,703 $     0.12 $   13,772 $     0.36

Adjustment to exclude
 amortization of intangible
 assets, net of tax                   1,758       0.05      3,467       0.09
Adjustment to exclude stock-
 based compensation, net of tax       2,079       0.05      4,194       0.10

                                 ---------- ---------- ---------- ----------
Net Income and Diluted EPS -
 Non-GAAP basis                  $    8,540 $     0.22 $   21,433 $     0.55
                                 ========== ========== ========== ==========

Weighted-average common shares -
 diluted GAAP and Non-GAAP           38,749                38,769



                              PEGASYSTEMS INC.
                       FOOTNOTES FOR RECONCILIATON OF
                 SELECTED GAAP MEASURES TO NON-GAAP MEASURES

(1) This presentation includes Non-GAAP measures. Our Non-GAAP measures are
    not meant to be considered in isolation or as a substitute for
    comparable GAAP measures, and should be read only in conjunction with
    our consolidated financial statements prepared in accordance with GAAP.
    For a detailed explanation of the adjustments made to comparable GAAP
    measures, the reasons why management uses these measures, the usefulness
    of these measures and the material limitations on the usefulness of
    these measures see disclosure under Discussion of Non-GAAP Measures
    included earlier in this release and below. Our Non-GAAP financial
    measures reflect adjustments based on the following items, as well as
    the related income tax effects:

    Amortization of intangible assets: We have excluded the amortization
    expense of intangible assets from our Non-GAAP operating expenses and
    net earnings measures. Amortization of intangible assets is inconsistent
    in amount and frequency and is significantly affected by the timing and
    size of our acquisitions. Investors should note that the use of
    intangible assets contributed to our revenues earned during the periods
    presented and will contribute to our future period revenues as well.
    Amortization of intangible assets will recur in future periods.

    Stock-based compensation expenses: We have excluded stock-based
    compensation expense from our Non-GAAP operating expenses and net
    earnings measures. Although stock-based compensation is a key incentive
    offered to our employees, and we believe such compensation contributed
    to the revenues earned during the periods presented and that it will
    contribute to the generation of future period revenues, we continue to
    evaluate our business performance excluding stock-based compensation
    expense.



                              PEGASYSTEMS INC.
               Unaudited Condensed Consolidated Balance Sheets
                               (In thousands)

                                                     As of         As of
                                                 ------------- -------------
                                                   June 30,    December 31,
                                                      2013          2012
                                                 ------------- -------------
                     ASSETS
Current assets:
  Cash and cash equivalents                      $     103,845 $      77,525
  Marketable securities                                 69,966        45,460
                                                 ------------- -------------
    Total cash, cash equivalents, and marketable
     securities                                        173,811       122,985
  Trade accounts receivable, net of allowance           94,527       134,066
  Deferred income taxes                                 10,152        10,202
  Income taxes receivable                                7,726         6,261
  Other current assets                                   6,204         5,496
                                                 ------------- -------------
    Total current assets                               292,420       279,010
Property and equipment, net                             29,262        30,827
Long-term deferred income taxes                         49,492        49,292
Long-term other assets                                   1,712         1,680
Intangible assets, net                                  52,682        58,232
Goodwill                                                20,451        20,451
    Total assets                                 $     446,019 $     439,492
                                                 ============= =============
       LIABILITIES AND STOCKHOLDERS'EQUITY
Current liabilities:
  Accounts payable                               $       2,911         3,330
  Accrued expenses                                      20,295        15,534
  Accrued compensation and related expenses             28,352        40,715
  Deferred revenue                                      98,702        95,546
                                                 ------------- -------------
    Total current liabilities                          150,260       155,125
Income taxes payable                                    13,860        13,551
Long-term deferred revenue                              20,383        18,719
Other long-term liabilities                             17,164        15,618
                                                 ------------- -------------
    Total liabilities                                  201,667       203,013
Stockholders' equity:                                  244,352       236,479
    Total liabilities and stockholders' equity   $     446,019 $     439,492
                                                 ============= =============



                              PEGASYSTEMS INC.
         Unaudited Condensed Consolidated Statements of Cash Flows

                                                      Six Months Ended
                                                          June 30,
                                                     2013          2012
                                                 ------------  ------------
                                                       (in thousands)
Operating activities:
  Net income                                     $     13,772  $      1,790

  Adjustments to reconcile net income to cash
   provided by operating activities:
  Excess tax benefit from equity awards and
   deferred income taxes                               (1,991)       (2,530)
  Depreciation, amortization, and other non-cash
   items                                               13,996        12,015
  Stock-based compensation expense                      6,713         5,838
  Change in operating assets and liabilities,
   and other, net                                      31,790        (4,586)
                                                 ------------  ------------
  Cash provided by operating activities                64,280        12,527
                                                 ------------  ------------
  Cash used in investing activities                   (26,122)      (12,502)
                                                 ------------  ------------
  Cash used in financing activities                    (8,678)       (4,717)
                                                 ------------  ------------
Effect of exchange rate changes on cash and cash
 equivalents                                           (3,160)         (834)
                                                 ------------  ------------
Net increase (decrease) in cash and cash
 equivalents                                           26,320        (5,526)
Cash and cash equivalents, beginning of period         77,525        60,353
                                                 ------------  ------------
Cash and cash equivalents, end of period         $    103,845  $     54,827
                                                 ============  ============

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