Pegasystems Inc Canaccord Genuity's 46th Annual Growth Conference

Sure. I thought you were going to say, "I've been around for a really long time.

Smarter than that. I feel like that is true as well.

If you think about in large enterprise organizations, there is lots of work that needs to be done that goes through a relatively structured set of steps and processes. Large organizations are not really able to buy these solutions off the shelf. There is not like, I cannot go out and say, "Can you give me a loan origination application?" First, the market for that is nichey, but also every single bank might want to have a different, like if you are a wholesale bank versus retail versus a mortgage broker. There are these use cases that are very structured, very common, typically end up with consumer or constituent based workflow touch points, and many of them are regulated.

Companies have to, large organizations, like Canaccord or like Bank of America or American Express, have responsibilities to regulators and to their own internal control processes to execute work in a certain way. You have maybe two options of how you do that. You can go write custom applications, which is what many companies did for decades, 50 years. We know of all the technical debt, and I am sure you use some of the systems that were built on these older.

Unfortunately. Everyone has seen it, or at least if you have not seen it, you can appreciate that.

The other way is to get some type of a platform that you can build on or configure, like Pega, to be able to build the structure of this workflow. Those are really your two options because there really is not a commercial off-the-shelf option.

Right. It is not like you can buy something like HubSpot to be able to do dispute management in a regulated environment for Federal Reserve transactions.

That is not something that is out there. We have really competed with other platform companies like ourselves, companies like Salesforce or Microsoft, or even Adobe in some of the marketing use cases, where they take some of the solutions they have and try to do something similar to what we do. But we are really a true workflow platform, so this is kind of our thing. Naturally, clients come to us because our platform is more purpose-built.

Yeah for workflow applications. Or you can go back to trying to write your own code, which I think is very unpopular over the years and maybe has some curiosity around AI, where people say, "Well, geez, could I write my own applications?" But there's a really specific set of reasons why people don't want custom applications, and that's largely just around change management Yep and trying to manage those.

How do you operate with them? That's where we sit between, we don't really compete with commercial off-the-shelf. If we do, it's either we're the wrong fit or they're not going to be able to do the use case. Then we compete a little bit with build your own. The business has really grown as people have moved off of these homegrown COBOL mainframe environments into a more modern workflow platform.