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Rishi Gillaria

Managing Director and Senior Equity Analyst at RBC Capital Markets, LLC

Rishi Jaluria is a Managing Director and Senior Equity Analyst at RBC Capital Markets, specializing in software sector research with deep expertise in technology stocks. He covers leading companies such as Microsoft, Salesforce, Oracle, Veeva Systems, and MongoDB, with notable stock calls including a highly profitable buy rating on MongoDB generating a 183% return. His career began at firms like UBS, J.P. Morgan Securities, Pacific Crest Securities, JMP Securities, and D.A. Davidson, and he joined RBC in 2021. Jaluria holds an MBA from the Stephen M. Ross School of Business at University of Michigan and a BA from UC Berkeley, and is registered with relevant securities authorities.

Rishi Gillaria's questions to PEGASYSTEMS (PEGA) leadership

Question · Q3 2025

Rishi Gillaria conceptually explored Pega's potential role as a neutral middleman for agent orchestration within the new AI ecosystem, enabling various agents across different technology stacks to interoperate. He also asked about the future mix of ACV growth drivers, specifically the increasing opportunity for net new logos due to Blueprint's lower barriers to entry.

Answer

Alan Trefler, Founder and CEO of Pegasystems, differentiated between technical connectivity and logic orchestration, emphasizing Pega's approach of using reliable, design-time workflows for orchestration rather than unpredictable runtime LLM control, especially for critical use cases. Regarding ACV growth, Mr. Trefler believes new logos will become a more significant driver if the partner strategy with "Powered by Blueprint" is successful, as it broadens Pega's market reach. Ken Stillwell, COO and CFO, added that leveraging the partner ecosystem offers an "order of magnitude growth change" for new logos compared to scaling direct sales.

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