Software Company Pegasystems is planning to reduce its workforce by 4 per cent. The company expects to incur a charge of $18.9 million in the fourth quarter of 2022 related to cash severance and benefit costs for terminated employees.
The same was revealed in a filing with the US Securities and Exchange Commission. The firm’s officials said in a letter to employees that the reductions are part of the company's goal to improve its go-to-market operating model.
This step will enable greater efficiency and sharpen its client focus, especially where its investment has outpaced growth.
While Pegasystems didn't disclose the number of employees that will be affected, as per media reports 6,133 employees are working at Pegasystems.