Private equity firm Clayton Dubilier & Rice is in negotiations over making an approximately $1 billion investment in enterprise software provider Pegasystems Inc, according to a report by BNN Bloomberg.
The report cites unnamed sources as saying that the CD&R’s investment would be strategic and is not a prelude to a takeover of the company. Terms of the transaction have yet to be finalised and may not lead to an investment being made.
Pegasystems sells software to improve business processes, according to its website with a client base comprising large organisations including Toronto-Dominion Bank, Aflac Inc, Cisco Systems Inc, and Banco Santander SA,=.
The company is company involved in a trade-secrets lawsuit with Appian Corp, with a judge in September having upheld a jury’s earlier verdict against Pegasystems, awarding Appian more than $2 billion in damages. Pegasystems is appealing the decision with the outcome of the appeal expected by the decision half of next year.
