EPAM Systems

Last updated
EPAM Systems, Inc.
Company type Public
Industry Software engineering
Founded1993;32 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
RevenueDecrease2.svg US$4.69 billion (2023)
Decrease2.svgUS$501 million (2023)
Decrease2.svgUS$417 million (2023)
Total assets Increase2.svgUS$4.35 billion (2023)
Total equity Increase2.svgUS$3.47 billion (2023)
Number of employees
65,149 (2024)
Website epam.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.

Contents

History

Early years

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]

Timeline

In 2004, EPAM acquired Fathom Technology, a software development services company based in Budapest, Hungary, expanding its offshore services beyond North America. [5]

In 2006, EPAM secured an equity investment from Siguler Guff to fund its competitive growth plans. [6]

In late 2012, EPAM made two acquisitions, Thoughtcorp, which expanded its service offerings in Agile, business intelligence and mobile, [7] and Empathy Lab, which established a digital engagement practice focusing on customer experience, design and eCommerce. [8]

EPAM made two acquisitions in 2018 to expand its service offerings: Continuum (now EPAM Continuum) [9] and TH_NK [10] 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. [11]

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. [12]

In 2019, EPAM joined the Blockchain in Transport Alliance (BiTA). [13] 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. [14]

In August 2021, EPAM expanded its presence in Latin America through the acquisition of Colombia-based S4N, [15] a software development services firm specializing in the design and development of modern software products and enterprise platforms. [16]

In July 2021, EPAM acquired CORE SE, [17] 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, [18] 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. [19]

In April 2021, EPAM acquired PolSource, [20] 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. [21]

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. [22]

Russian invasion of Ukraine

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. [23] 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. [24] Also, the company launched the EPAM Ukraine Assistance Fund to help Ukrainians and made a US$100 million humanitarian aid commitment. [25] In April 2022, EPAM decided to stop operating in Russia while continuing working in Belarus. [26] [27] [28]

Awards

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References

  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. ↑ Ferranti, Marc (2004-03-17). "Epam merges to expand offshore services". Network World. Retrieved 2019-11-28.
  6. ↑ Dai, Shasha (2012-02-16). "Siguler Guff Sells Down Shares In EPAM". The Wall Street Journal . Archived from the original on 2022-06-14.
  7. ↑ "Press Release". www.sec.gov. Retrieved 2019-11-28.
  8. ↑ N. DiStefano, Joseph (20 December 2012). "PhillyDeals: EPAM Systems buys Conshohocken's Empathy Lab". inquirer.com. Retrieved 2019-11-28.
  9. ↑ 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.
  10. ↑ "Global software firm buys digital agency TH_NK". BusinessCloud.co.uk. 2 November 2018. Retrieved 2019-11-28.
  11. ↑ "EPAM Launches InfoNgen 7.0 to Improve Actionable Insights". KMWorld. 2018-05-08. Retrieved 2019-11-28.
  12. ↑ 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.
  13. ↑ "EPAM Joins Blockchain in Transport Alliance, Largest Association in the World | EPAM". www.epam.com. Retrieved 2019-11-28.
  14. ↑ Fejes, Balazs. "Why Open Source Software is Critical to the Future of Financial Services". www.epam.com. Retrieved 2019-11-28.
  15. ↑ "EPAM Adds Engineering Scale with Colombia Acquisition". Nearshore Americas. 12 August 2021.
  16. ↑ "EPAM Systems Acquires CORE SE For Undisclosed Sum To Expand Western European Presence". news.yahoo.com. 27 July 2021. Retrieved 2023-01-05.
  17. ↑ "EPAM Systems Acquires CORE SE For Undisclosed Sum To Expand Western European Presence". Yahoo. 27 July 2021.
  18. ↑ "EPAM Snaps Up Just-BI; Street Says Buy". Nasdaq.
  19. ↑ "Israel Cybersecurity Co White-Hat Bought Out By EPAM For $50 Million". Jewish Business News. 5 May 2021.
  20. ↑ "EPAM Expands Salesforce Capabilities with Acquisition of PolSource". EPAM.
  21. ↑ "EPAM Systems Set to Join S&P 500". Cision.
  22. ↑ "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.
  23. ↑ Gallagher, Ryan (2 March 2022). "Ukraine Stance by U.S. Tech Firm Epam Sparks Internal Dissension". Bloomberg. Retrieved 2022-03-27.
  24. ↑ Martin, Iain (3 March 2022). "Ukraine War Divides Employees At American Tech Company That Straddles The Front Lines". Forbes.com. Retrieved 2022-03-27.
  25. ↑ 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.
  26. ↑ "EPAM Systems Begins Process of Exiting Operations in Russia". MarketWatch. Archived from the original on 2022-04-11. Retrieved 2022-04-11.
  27. ↑ "Із Росії йде EPAM — найбільший розробник софту". ФОКУС (in Ukrainian). 2022-04-08. Retrieved 2022-04-11.
  28. ↑ Joseph F. Kovar (2022-04-08). "EPAM Systems Starts Exiting Russian Operations After Ukraine Invasion". CRN.com. Retrieved 2022-05-27.
  29. ↑ "100 Fastest-Growing Companies". Fortune. Retrieved 2019-11-28.
  30. ↑ "100 Fastest-Growing Companies". Fortune. Retrieved 2020-11-11.
  31. ↑ "100 Fastest-Growing Companies". Fortune. Retrieved 2022-01-26.
  32. ↑ "EPAM Systems (EPAM)". Forbes. Retrieved 2022-01-26.
  33. ↑ "KMWorld 100 Companies That Matter in Knowledge Management 2019". www.kmworld.com. Retrieved 2020-12-09.
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