Earnings season has begun and over the next few weeks a clearer picture will emerge regarding the health of public RPA and intelligent automation providers as the overall economic picture remains cloudy. One of the first companies to report this quarter is Cambridge, Mass.-based Pegasystems.
The company said its fiscal Q4 and full-year numbers for 2022 were strong. It reported that Q4 revenue grew 25 percent year-over-year to more than $396 million. For all of 2022, Pega said revenue was up nine percent to a little more than $1.3 billion, but noted Q4 subscription revenue increased 37 percent from a year earlier to about $340 million and was up for all of 2022 by 12 percent to $1.1 billion.
“I’m excited to see that our subscription transition is coming to completion,” Pega’s CEO Alan Trefler said in a statement. “And you can see the related impact on our financial results and projections.”
Trefler also noted, however, that economic indicators point to what could be a challenging year in 2023 for the company and the industry. Referring to a layoff announced by the company in January that could affect up to four percent of its 6,000 employees, Trefler said the company made some “tough decisions to help set us up for both long-term and short-term success.”