Stock Track | Pegasystems Posts Strong Q3 2024 Results Driven by Pega Cloud Growth

Stock Track

Oct 24, 2024

Pegasystems Inc. (NASDAQ: PEGA), the leading provider of enterprise AI decisioning and workflow automation solutions, reported impressive financial results for the third quarter of 2024, highlighted by robust growth in its Pega Cloud business.

The company's total revenue for the quarter was $325.05 million, a slight 2.9% decrease from the same period last year. However, the Pega Cloud business, which is a key strategic focus for the company, saw its Annual Contract Value (ACV) soar by 30% year-over-year to $640.6 million, accounting for 73% of the company's total ACV.

Pegasystems' CEO Alan Trefler attributed the strong performance to the company's innovative AI-powered solutions and the increasing demand for digital transformation among enterprises. "Pega GenAI Blueprint is creating enormous excitement and fundamentally changing how we engage with our clients," Trefler said. "Pega's distinctive AI approach is showing clients how they can accelerate their digital transformation to become true autonomous enterprises."

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