PEGASYSTEMS INC (PEGA): restructuring charge — Pegasystems cuts ~4% of workforce, expects $18.9M charge in Q4 2022

PEGASYSTEMS INC

Workforce reduction of ~4% across all geographies, affecting go-to-market teams.
Expects $18.9M charge in Q4 2022 for cash severance and related benefits.
Company cites alignment with Rule of 40 goal and go-to-market strategy.
Communications to impacted employees expected to be completed in Q1 2023.

item 2.05 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

PEGASYSTEMS INC announced a restructuring with charges of $18.9 million (approximately 4% of its employees).

Type: restructuring
Charge: $18.9 million
Headcount: approximately 4% of its employees

Exact text from the filing

Aligned with our target organization go-to-market strategy and commitment to be a Rule of 40 managed company, on January 3, 2023, Pegasystems Inc. (the “Company”) announced a reduction in its workforce of approximately 4% of its employees across various geographies. Communications to impacted persons or their representatives are expected to be completed in the first quarter 2023. The Company expects to incur a charge of $18.9 million in the fourth quarter of 2022 related principally to cash severance and related benefit costs for terminated employees.

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Source: SEC EDGAR

accession 0001193125-23-000843

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