Good day, everyone, and welcome to Pegasystems' 2007 annual earnings conference. Today's conference is being recorded. At this time, I'd turn the call over to Mr. Craig Dynes, Chief Financial Officer. Please go ahead, sir.

Good morning and welcome to the Pegasystems 2007 annual conference call. With me here in Cambridge is Alan Trefler, Pegasystems’ Chairman and CEO. Before I introduce Alan, I will start with our Safe Harbor statement and then provide my financial commentary. Certain statements contained in this presentation may be construed as forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. The words anticipates, projects, expects, plans, intends, believes, estimates, targets, forecast, could and other similar expressions identify forward-looking statements, which speak only as of the date the statement is made. Because such statements deal with future events they're subject to various risks and uncertainties, actual results for fiscal year 2008 and beyond could differ materially from the company’s current expectations. Factors that could cause the company’s results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and the difficulty in predicting the completion of product acceptance and consequently, the timing of our license revenue recognition; the level of term license renewals; our ability to develop new products and evolve existing ones; the impacts of our business on the recent credit market turmoil and the ongoing consolidation in the financial services and healthcare markets; our ability to attract and retain key personnel; reliance on key third party relationships; management of the company's growth; and other risks and uncertainties. Further information concerning factors that could cause actual results to differ materially from those projected is contained in the company's filings with the Securities and Exchange Commission, including it's report on Form 10-Q for the quarter ended September 30, 2007. The company undertakes no obligation to revise or update forward-looking statements as a result of new information, since these statements may no longer be accurate or timely. 2007 was another record year for…

Thanks very much Craig. Obviously there was, broad achievements across the board as you listened to Craig’s commentary about the financial results. We're obviously very pleased with the way that the year turned out on that front. In terms of other areas I can tell you the company has been performing well also. From our point of view of product, hiring new staff to meet our growth needs, expanding our footprint with partners and most importantly a relentless focus client extent and all in those dimensions. I think the company has made meaningful advances in 2007. Starting for a moment with product you know PEGA has and in 2007 we were able to announce -- received many accolades from industry analysts and other sources that evaluate our product. In fact we are really quite pleased that when you take a look at the Forrester and the Gartner definitions of who were the leaders in this exciting Business Process Management space that PEGA has now got into the point where we really, I believe clearly stand out as being clear leader from a technology perspective. However our product is great, product running in customers is what it is all about. And it is really exciting last year we expanded our footprint in 61 organizations and signed 23 new meaningful customers. Remember the clients we are going after are the top names, organizations that we think are going through clearly set the standard for how companies compete with agility, with effectiveness and being able to grow, expand their business and we are looking to do it in a way that really focuses on business enablement. So one of the things I am very, very pleased about is that we have very significant increases in the number of trained people. We actually had…

Thank you. (Operator Instructions).And it appears that at this time we have no questions.

Well I would like to thank everybody for listening. I would like to thank the investors who had confidence in us as we entered 2007 that we would do a responsible job. I would like the customers that have believed in our products and I would like to thank all the PEGA staff who worked so hard in 2007 and are getting us off to a great start in 2008. Thank you very much.

And that does include today’s conference. Again thank you for your participation.