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EPAM Systems

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EPAM Systems, Inc.
Company typePublic
IndustrySoftware engineering
Founded1993; 31 years ago (1993)
Headquarters
Newtown, Pennsylvania
,
U.S.
Area served
Globally
Key people
Arkadiy Dobkin (chairman, president & CEO)
Services
  • Software product development
  • digital platform engineering
  • application development
  • enterprise application platforms
  • application testing
  • application maintenance and support
  • ASM and infrastructure services
RevenueDecrease US$4.69 billion (2023)
Decrease US$501 million (2023)
Decrease US$417 million (2023)
Total assetsIncrease US$4.35 billion (2023)
Total equityIncrease US$3.47 billion (2023)
Number of employees
65,150 (2024)
Websiteepam.com
Footnotes / references
[1]

EPAM Systems, Inc. is an American company that specializes in software engineering services, digital platform engineering, and digital product design, operating out of Newtown, Pennsylvania. EPAM is a founding member of the MACH Alliance.

History

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Early years

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In 1993, Arkadiy Dobkin and Leo Lozner founded EPAM, a global software engineering services company, in New Jersey, USA and Minsk, Belarus.[2]

In 2002, EPAM was ranked publicly for the first time as a fast-growing company by Deloitte & Touche.[3] In 2012, EPAM was listed on New York Stock Exchange under the moniker EPAM.[4][5]

Timeline

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In 2004, EPAM acquired Fathom Technology, a software development services company based in Budapest, Hungary, expanding its offshore services beyond North America.[6]

In 2006, EPAM secured an equity investment from Siguler Guff to fund its competitive growth plans.[7]

In 2006, EPAM acquired VDI, a software development services company with delivery centers in Russia, which expanded the company’s presence in the CIS region.[8] That year, EPAM CEO Arkadiy Dobkin was named one of the Top 25 Most Influential Consultants of the Year by Consulting Magazine.[9]

In late 2012, EPAM made two acquisitions – Thoughtcorp, which expanded its service offerings in Agile, business intelligence and mobile,[10] and Empathy Lab, which established a digital engagement practice focusing on customer experience, design and eCommerce.[11]

EPAM made two acquisitions in 2018 to expand its service offerings: Continuum (now EPAM Continuum) [12] and TH_NK[13] to add consulting capabilities and develop its digital and service design practices. Also that year, EPAM launched InfoNgen®, a text analytics and sentiment analysis enterprise software product that uses artificial intelligence.[14]

The company also productized TelescopeAI®, an artificial intelligence-based platform for IT operations and workforce management, which won a 2019 Big Innovation Award presented by the Business Intelligence Group.[15]

In 2019, EPAM joined the Blockchain in Transport Alliance (BiTA).[16] That year, the company launched EPAM Continuum, its service for business, experience and technology consulting.

The company also launched EPAM SolutionsHub, a catalogue of its software products, accelerators and open source platforms. As part of its SolutionsHub launch, EPAM also released the Open Source Contributor Index (OSCI), a tool that ranks the top open-source contributors by a commercial organization.[17]

In August 2021, EPAM expanded its presence in Latin America through the acquisition of Colombia-based S4N,[18] a software development services firm specializing in the design and development of modern software products and enterprise platforms.[19]

In July 2021, EPAM acquired CORE SE,[20] a professional service provider specializing in IT strategy and technology-driven transformations, to further expand its Western European footprint in the DACH region.

In May 2021, EPAM acquired Just-BI,[21] a Netherlands-based consultancy specializing in SAP S/4HANA and enterprise data and analytics program management.

EPAM acquired Israel-based cybersecurity services provider White-Hat Ltd. in May 2021.[22]

In April 2021, EPAM acquired PolSource,[23] a Salesforce Consulting Partner with more than 350 Salesforce specialists across the Americas and Europe.

In December 2021, EPAM joined the S&P 500 American market index.[24]

In May 2021, EPAM Systems ranked 1,804 on the Forbes Global 2000 list.[25]

In 2022, EPAM announced several strategic acquisitions and investments, including a majority stake in U.S. software firm Contino and a minority stake in U.K. AI-driven data analytics firm Noodle.io.[26]

Russian invasion of Ukraine

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During the 2022 Russian invasion of Ukraine, tensions between the firm's 14,000 Ukrainian employees and the 18,000 Belarusian and Russian staff sparked dissension when the CEO Arkadiy Dobkin refrained from publicly condemning Russia in a statement on LinkedIn and rejected calls to assist the Ukrainian military.[27] According to Forbes, Dobkin defended his statement, which didn't mention Putin, Russia or his native Belarus, saying the company could not use its infrastructure for cyberattacks and had to protect EPAM employees in Russia and Belarus from political reprisals that are common in those countries. The company paid Ukrainian staff a $1,000 emergency grant and supported Ukrainian relief efforts, including the installation of the Starlink satellite systems in Ukraine.[28] Also, the company launched the EPAM Ukraine Assistance Fund to help Ukrainians and made a US$100 million humanitarian aid commitment.[29] In April 2022, EPAM decided to stop operating in Russia while continuing working in Belarus.[30][31][32]

Acquisitions

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Company Acquired Country Date Business
Fathom Technology[6] Hungary March 2004 Software Engineering
VDI[8] US, Russia September 2006 Software Development
B2BITS Corp[33] US April 2008 Capital Markets & Financial Services
Plus Micro[34] Kazakhstan June 2008 Information technology and services
Rodmon Systems[35] US, Belarus May 2009 Consulting services and technology solutions
Instant Information[36] September 2010
Empathy Lab[11] US December 2012 Digital Strategy & Omnichannel Experience Design
Thoughtcorp[10] Canada May 2012 Telecommunications, Agile, Business Intelligence & Mobile
Netsoft USA, Inc.[37] US March 2014 Healthcare Consulting
Jointech[38] China, Hong Kong, Singapore April 2014 Investment Banking, Wealth & Asset Management
GGA Software Services LLC[39] US June 2014 Life Sciences & Healthcare
Great Fridays[40] US, UK October 2014 Product & Service Design
Signus Labs 2015 Gaming
Alliance Global Services[41] US, India November 2015 Product Development Services & Test Automation
NavigationArts[42] US July 2015 Digital Strategy & Experience Design
Dextrys[43] US, China June 2016 Software engineering and application services
InfomatiX[44] Hungary September 2016 Big data and analytics
Tahzoo/Adnovate[45] Netherlands 2017 Digital strategy and experience design
Weka UK, NZ 2017 Life sciences and R&D
Continuum[12] US, Italy, China March 2018 Digital Strategy, Experience Design & Innovation Studios
TH_NK[13] UK November 2018 Digital Consulting, Strategy & Experience Design
Competentum[46] US, Russia July 2019 Educational Content Services & Learning Platform
ShareKnowledge US, Russia July 2019 Educational Content Services & Learning Platform
test IO[47] US, Germany July 2019 SaaS Testing service
Axsphere Paris, France September 2019 Digital Consultancy
NAYA Technologies[48] US, Israel November 2019
S Media Link Russia 2019 Web development
Onsolve Vietnam November 2019 Product development services
Deltix[49] US, Belarus, Russia February 2020 Software and services provider for quantitative research, algorithmic and automated systematic trading
Ricston Ltd.[50] UK, Malta, Spain September 2020 Software integration and connectivity solutions provider
PolSource[51] US, Poland April 2021 Salesforce consulting
White-Hat Ltd.[52] Israel May 2021 Cybersecurity
Just-BI[53] Netherlands May 2021 SAP/S4HANA/Enterprise data and analytics program management
CORE SE[54] Germany July 2021 Consulting, strategy and transformation services
S4N[55] Colombia August 2021 Software development
Emakina Group[56] Belgium Headquarters November 2021 Strategy, Creative & Digital Experience
Optiva Media[57] Europe and Latin America December 2021 Product development and digital services (media/entertainment)
Enginiety[58] Poland January 2022 Commerce technology delivery
Odysseus Data Services[59] US, DE, CZ, LT June 2024 Health Data Analytics, RWE Software Engineering, OHDSI
Neoris[60] LATAM, EMEA September 2024 IT services, IT consulting
First Derivative[61] Northern Ireland October 2024 Financial Services & Consultancy

Awards

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  • EPAM was named to Forbes’ 25 Fastest Growing Public Tech Companies list in 2013,[62] 2015, 2016,[63] 2017[64]
  • EPAM was named as one of Fortune’s 100 Fastest-Growing Companies in 2019,[65] 2020[66] and 2021.[67]
  • In May 2021, EPAM ranked 1,804 on the Forbes Global 2000 list.[68]
  • EPAM joined the S&P 500 in December 2021.[69]
  • EPAM was named a Top 10 Travel, Hospitality & Logistics Service Provider in 2018 by HFS Research[70]
  • In 2019 EPAM was awarded the BIG Innovation Awards for the development of the TelescopeAI[71] product became the winner of the international competition The Global SDG Awards in the category "Quality Education", 12 employees of the company were recognized as Sitecore Most Valuable Professionals.[72]
  • In 2019, KMWorld Magazine named EPAM in the list of 100 significant companies in the field of knowledge management.[73]

References

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  1. ^ "2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 22, 2024.
  2. ^ "Know The Success Story of EPAM Systems and its Journey". Your Tech Story. 2019-11-06. Retrieved 2019-11-28.
  3. ^ "EPAM Systems, Inc. ranked number 292 among fastest growing technology companies in North America on the 2002 Deloitte & Touche Technology Fast 500". www.epam.com. Retrieved 2019-11-28.
  4. ^ "EPAM Systems, Inc. successfully listed on the New York Stock Exchange" (PDF). sigulerguff.com. Archived from the original (PDF) on 2021-09-29. Retrieved 2019-11-28.
  5. ^ "EPAM Systems, Inc. (EPAM) Stock Price, News, Quote & History - Yahoo Finance". finance.yahoo.com. Retrieved 2020-12-08.
  6. ^ a b Ferranti, Marc (2004-03-17). "Epam merges to expand offshore services". Network World. Retrieved 2019-11-28.
  7. ^ Dai, Shasha (2012-02-16). "Siguler Guff Sells Down Shares In EPAM". The Wall Street Journal. Archived from the original on 2022-06-14.
  8. ^ a b "VDI to be acquired by New Jersey". www.bizjournals.com. Retrieved 2019-11-28.
  9. ^ "Arkadiy Dobkin". Software Russia. 2012-03-20. Archived from the original on 2021-11-10. Retrieved 2019-11-28.
  10. ^ a b "Press Release". www.sec.gov. Retrieved 2019-11-28.
  11. ^ a b N. DiStefano, Joseph (20 December 2012). "PhillyDeals: EPAM Systems buys Conshohocken's Empathy Lab". inquirer.com. Retrieved 2019-11-28.
  12. ^ a b EPAM (2018-03-15). "EPAM Acquires Continuum, Expanding Global Innovation, Design and Physical Product Development Capabilities". GlobeNewswire News Room (Press release). Retrieved 2019-11-28.
  13. ^ a b "Global software firm buys digital agency TH_NK". BusinessCloud.co.uk. 2 November 2018. Retrieved 2019-11-28.
  14. ^ "EPAM Launches InfoNgen 7.0 to Improve Actionable Insights". KMWorld. 2018-05-08. Retrieved 2019-11-28.
  15. ^ Poptamas, Vlad (2019-02-12). "EPAM Wins 2019 Big Innovation Award For TelescopeAI™, An AI-Enabled Platform To Help Businesses Manage The ir IT Operations". PICANTE Today - Hot News Today. Retrieved 2019-11-28.
  16. ^ "EPAM Joins Blockchain in Transport Alliance, Largest Association in the World | EPAM". www.epam.com. Retrieved 2019-11-28.
  17. ^ Fejes, Balazs. "Why Open Source Software is Critical to the Future of Financial Services". www.epam.com. Retrieved 2019-11-28.
  18. ^ "EPAM Adds Engineering Scale with Colombia Acquisition". Nearshore Americas. 12 August 2021.
  19. ^ "EPAM Systems Acquires CORE SE For Undisclosed Sum To Expand Western European Presence". news.yahoo.com. 27 July 2021. Retrieved 2023-01-05.
  20. ^ "EPAM Systems Acquires CORE SE For Undisclosed Sum To Expand Western European Presence". Yahoo. 27 July 2021.
  21. ^ "EPAM Snaps Up Just-BI; Street Says Buy". Nasdaq.
  22. ^ "Israel Cybersecurity Co White-Hat Bought Out By EPAM For $50 Million". Jewish Business News. 5 May 2021.
  23. ^ "EPAM Expands Salesforce Capabilities with Acquisition of PolSource". EPAM.
  24. ^ "EPAM Systems Set to Join S&P 500". Cision.
  25. ^ "EPAM Systems (EPAM)". Forbes.
  26. ^ "Emerald to acquire Innospec Widnes to expand its footprint in global fragrance industry". Focus on Surfactants. 2015 (8): 5. 2022-08-10. doi:10.1016/j.fos.2015.08.013.
  27. ^ Gallagher, Ryan (2 March 2022). "Ukraine Stance by U.S. Tech Firm Epam Sparks Internal Dissension". Bloomberg. Retrieved 2022-03-27.
  28. ^ Martin, Iain (3 March 2022). "Ukraine War Divides Employees At American Tech Company That Straddles The Front Lines". Forbes.com. Retrieved 2022-03-27.
  29. ^ Сапитон, Михаил (April 8, 2022). "EPAM полностью уходит из России и запускает фонд помощи украинцам – письмо основателя компании". Forbes.ua (in Russian). Retrieved April 26, 2022.
  30. ^ "EPAM Systems Begins Process of Exiting Operations in Russia". MarketWatch. Archived from the original on 2022-04-11. Retrieved 2022-04-11.
  31. ^ "Із Росії йде EPAM — найбільший розробник софту". ФОКУС (in Ukrainian). 2022-04-08. Retrieved 2022-04-11.
  32. ^ Joseph F. Kovar (2022-04-08). "EPAM Systems Starts Exiting Russian Operations After Ukraine Invasion". CRN.com. Retrieved 2022-05-27.
  33. ^ "EPAM Systems Acquires B2BITS Corp., a Leading Provider of Solutions and Consulting Services to the Capital Markets". PR.com. Retrieved 2019-11-28.
  34. ^ "EPAM Investor Information". Investors - EPAM. Archived from the original on 2022-01-27. Retrieved 2022-01-25.
  35. ^ "Rodmon Systems Details". Apollo - Companies. Retrieved 2022-01-25.
  36. ^ "EPAM Strengthens Its Business Information Services Offerings by Acquiring Instant Information, a Leading Provider of Cloud Based Information Management and Discovery Services". EPAM Systems. 2010-09-21.
  37. ^ "EPAM Acquires Healthcare Technology Consulting Firm, Netsoft USA". MarketWatch. Archived from the original on 2019-11-28. Retrieved 2019-11-28.
  38. ^ "EPAM Acquires Jointech, Expands China-Based Delivery Capabilities". MarketWatch. Archived from the original on 2019-11-28. Retrieved 2019-11-28.
  39. ^ "EPAM Acquires GGA Software". finance.yahoo.com. 9 June 2014. Retrieved 2019-11-28.
  40. ^ "EPAM Acquires Great Fridays, Product and Service Design Company". Software Russia. 2014-11-12. Retrieved 2019-11-28.
  41. ^ EPAM (2015-11-16). "EPAM Acquires Alliance Global Services". GlobeNewswire News Room (Press release). Retrieved 2019-11-28.
  42. ^ EPAM (2015-07-13). "EPAM Expands Digital Engagement Practice With Acquisition of NavigationArts". GlobeNewswire News Room (Press release). Retrieved 2019-11-28.
  43. ^ EPAM (2016-06-22). "EPAM Enhances Global Delivery Capabilities and Extends Footprint in China with Acquisition of Dextrys". EPAM News Room. Retrieved 2022-01-24.
  44. ^ "EPAM- SAP HANA and S/4HANA Services". Market Research. 2019. Retrieved 2022-01-24.
  45. ^ "Representative Legal Matters" (PDF). Baker McKenzie. 2020-10-02. Retrieved 2022-01-24.
  46. ^ "EPAM Expands Education and Learning Offerings With Acquisition of Competentum". www.prnewswire.com. Retrieved 2019-11-28.
  47. ^ "test IO Joins the EPAM Family". test IO. 2019-07-01. Retrieved 2021-05-09.
  48. ^ Kovar, Joseph F. (2019-11-05). "EPAM Acquires NAYA Technologies, An Israeli and US-Based Consultancy Specializing in Complex Cloud Migration and Data Management Services". epam.com. Retrieved 2022-01-27.
  49. ^ "EPAM Systems Acquires Deltix". www.mergr.com. Retrieved 2022-01-11.
  50. ^ "EPAM Acquires Ricston Ltd., Expanding Global API Practice and Salesforce Capabilities". www.epam.com. Retrieved 2020-11-11.
  51. ^ "EPAM Enhances Salesforce Capabilities With PolSource Buyout". Nasdaq. 2021-04-08.
  52. ^ "American tech giant EPAM acquires Israeli security startup White-Hat". US Tech Times. 2021-05-05.
  53. ^ "EPAM Systems Acquires Just-BI BV". Mergr. 2021-05-11.
  54. ^ "EPAM Systems Acquires CORE SE For Undisclosed Sum To Expand Western European Presence". Yahoo. 2021-07-27.
  55. ^ "EPAM Adds Engineering Scale with Colombia Acquisition". Nearshore Americas. Retrieved 2022-01-11.
  56. ^ "EPAM Systems (EPAM) Acquires Emakina, Boosts Digital Portfolio". Yahoo.
  57. ^ "EPAM Acquires Optiva, Boosts Digital Transformation Portfolio". Nasdaq. 2021-12-15.
  58. ^ "EPAM Acquires Optiva, Boosts Digital Transformation Portfolio". EPAM. 2022-01-25.
  59. ^ "EPAM Acquires Odysseus". EPAM. 2024-06-13.
  60. ^ "EPAM Acquires Odysseus". Retrieved 2024-10-12.
  61. ^ "First Derivative: Newry tech business sold to US firm". BBC News. 2024-10-07. Retrieved 2024-10-07.
  62. ^ "EPAM Named to Forbes List and Wins Oracle Award". Software Russia. 2013-06-13. Retrieved 2019-11-28.
  63. ^ "EPAM Ranked #8 on Forbes' List of 25 Fastest Growing Public Tech Companies". www.epam.com. Retrieved 2019-11-28.
  64. ^ "EPAM Again Joins Forbes' List of 25 Fastest Growing Public Tech Companies". www.epam.com. Retrieved 2019-11-28.
  65. ^ "100 Fastest-Growing Companies". Fortune. Retrieved 2019-11-28.
  66. ^ "100 Fastest-Growing Companies". Fortune. Retrieved 2020-11-11.
  67. ^ "100 Fastest-Growing Companies". Fortune. Retrieved 2022-01-26.
  68. ^ "EPAM Systems (EPAM)". Forbes. Retrieved 2022-01-26.
  69. ^ "EPAM Systems Set to Join S&P 500". PR Newswire. Retrieved 2022-01-26.
  70. ^ "HFS Top 10 Travel, Hospitality, and Logistics Service Providers". HFS Research. 2018-10-25. Retrieved 2019-11-28.
  71. ^ "Платформа EPAM TelescopeAI удостоена награды BIG Innovation Award 2019". www.epam-group.ru (in Russian). Archived from the original on 2021-10-20. Retrieved 2020-12-09.
  72. ^ "2019". mvp.sitecore.com. Archived from the original on 2019-05-17. Retrieved 2020-12-09.
  73. ^ "KMWorld 100 Companies That Matter in Knowledge Management 2019". www.kmworld.com. Retrieved 2020-12-09.
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