{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-23-224936","form_type":"8-K","ticker":"PEGA","cik":"0001013857","company_name":"PEGASYSTEMS INC","filed_at":"2023-08-30T23:59:59+00:00","discovered_at":"2026-05-14T18:03:32.869076+00:00","generated_at":"2026-06-11T01:45:51.285759+00:00","sec_items":["2.05","7.01","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.55,"calibrated_materiality_score":0.55,"confidence":"high","headline":"Pegasystems announces ~4% workforce reduction, expects $16M charge in Q3 2023","bullets":["Reduction of approximately 4% of employees across various geographies announced August 30, 2023.","Expected pre-tax charge of about $16 million in Q3 2023, primarily for cash severance and benefits.","Communications to affected employees expected to be substantially completed by September 8, 2023.","Realignment part of go-to-market strategy to consolidate client-facing roles and accelerate cloud transition.","Pega Cloud now represents over 40% of ACV; focus on supporting client migration to cloud."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-23-224936","json":"https://secwatch.observer/filing/0001193125-23-224936.json","markdown":"https://secwatch.observer/filing/0001193125-23-224936.md","text":"https://secwatch.observer/filing/0001193125-23-224936.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1013857/000119312523224936/0001193125-23-224936-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1013857/000119312523224936/d533747d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-11T01:45:51.285759+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"759e1cf5e98a756d8752e24c0098ed5b24178245","claim":"PEGASYSTEMS INC announced a restructuring with charges of approximately $16 million affecting various geographies (approximately 4% of its employees).","evidence_excerpt":"as part of the go-to-market strategy and continued effort to elevate and simplify client engagement, on August 30, 2023, Pegasystems Inc. (the “Company”) announced a workforce realignment resulting in a reduction of approximately 4% of its employees across various geographies. Communications to impacted persons or their representatives are expected to be substantially completed by September 8, 2023. The Company expects to incur a charge of approximately $16 million in the third quarter of 2023 related principally to cash severance and related benefit costs for terminated employees.","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1013857/000119312523224936/0001193125-23-224936-index.htm","confidence":0.9,"family_label":"Restructurings & Charges","details":[{"label":"Type","value":"restructuring"},{"label":"Charge","value":"approximately $16 million"},{"label":"Affected area","value":"various geographies"},{"label":"Headcount","value":"approximately 4% of its employees"}],"fact_type":"restructuring_charge"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}