- Private equity firm Clayton Dubilier & Rice discussed investing about $1 billion in enterprise software provider Pegasystems Inc PEGA.
- The investment is strategic for CD&R and not a prelude to a takeover of Pegasystems, Bloomberg reports.
- Also Read: Pega Delivers Best Quarter of the Year in Q3 2022
- Founded by CEO Alan Trefler in 1983, the company sells software to improve business processes.
- Pegasystems' clients included Toronto Dominion Bank TD, Aflac Inc AFL, Cisco Systems, Inc CSCO, and Banco Santander S.A. BCDRF.
- Pegasystems has been embroiled in a trade-secret lawsuit with Appian Corp APPN, which awarded Appian more than $2 billion in damages.
- Price Action: PEGA shares traded higher by 3.72% at $36.48 on the last check Tuesday.
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