Software company Pegasystems is laying off 4 percent of its over 6,000-strong workforce in order to reduce cost.
Pegasystems, in a filing with the US Securities and Exchange Commission (SEC), said it is likely to incur a charge of $18.9 million in the fourth quarter of 2022 related to cash severance and benefit costs for terminated employees.
Pegasystems said the job cut is part of the company’s goal to improve its go-to-market operating model.
Pegasystems reported revenue of $270.73 million and net loss of $93.52 million during the third quarter of 2022.
“Q3 2022 was by far the best quarter of the year for Pega. We’ve prioritized our go to market efforts to promote profitable growth. The focus we’re driving is being embraced by the organization, and we’re excited about the results we’re seeing,” Alan Trefler, founder and CEO, Pegasystems, said in October.