Billionaire Chess Master Emerges as Pegasystems Stock Soars 122%
Brendan Coffey, Bloomberg
Published 6:42 am, Wednesday, November 27, 2013
Nov. 27 (Bloomberg) — Pegasystems Inc. Chairman Alan Trefler became a billionaire yesterday as shares in the customer relationship management software maker he founded jumped 122 percent so far this year to a record high.
Trefler owns more than 52 percent of the Cambridge, Massachusetts-based business, according to filings with the U.S. Securities and Exchange Commission. His stake is valued at about $960 million, excluding shares pledged as collateral. He also has collected about $50 million from dividends and share sales since 1996, according to the Bloomberg Billionaires Index.
Pegasystems sales increased 12 percent to $356 million in the first nine months of 2013, fueled by demand for an upgrade to its main software product, Pega 7, which is designed to allow companies to integrate their data and software systems.
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Chess Master
Trefler was a chess prodigy in his youth. He tied for first place at the World Open Chess Championship in 1975, while studying at Dartmouth College in Hanover, New Hampshire, where he received a degree in economics and computer science. He formed Pegasystems in 1983.
Full article here.
Why is he not sponsoring chess.