EPAM Systems, Inc.
Summary
Brief Company Overview
EPAM Systems, Inc. (NYSE:EPAM) is a digital transformation services and product engineering company established 1993 with its roots in Belarus. The company started its operations in both Belarus and the USA in the year of its founding. Since then it has grown rapidly through acquisitions and geographic expansion. The company provides digital platform engineering and software development services to customers located around the world, primarily in North America, Europe, and Asia. The company delivers business and technology transformation from start to finish. EPAM plans to expand its operational areas beyond their traditional services into business consulting, design and physical product development and areas such as artificial intelligence, robotics and virtual reality.
The company uses this term 'vertical' to report its revenues by segment. There are six verticals including one called 'Emerging Verticals' where the company assigns various industries in which it is increasing its presence. The other five reporting segments are travel & consumer, financial services, business information & media, software & hi-tech, life sciences & healthcare.
Company History1
Arkadiy Dobkin and Leo Lozner started EPAM in 1993. The company opened in two locations - New Jersey, USA and Minsk, Belarus. The global software engineering services company had only 3 people working for it during 1993. Dabiwa Ltd. was its first new customer, although the first major client was Bally of Switzerland - one of the leading global fashion and apparel brands. Headcounts in EPAM has increased from 6 in 1994 to 15 in 1995. The company has received some other clients including Halliburton, Parametric Technology Corporation. During 1996-1997, the company has received the order from Colgate-Palmolive to develop a Salesforce Automation solution and deploy it across multiple countries in Europe and Latin America. By 1999, the company had a workforce of 126 people and expanded its operation into product development space by receiving an order from SAP AG from Russia. By 2001, the company has entered eCommerce era developing CRM and eCommerce solutions.
During the dot com bubble burst in 2001, EPAM was recognized for the first time as a 'trendsetter' in software engineering outsourcing services by leading industry analysts, and was ranked publicly as a fast-growing company. This year also marks their very first end-to-end digital engagement for the travel destination portal lasvegas.com. Employee count of the company increased to 536 by 2003. The company has acquired LintecProject in 2003 and Fathom Technology in 2004. Geographies added to the company portfolio are Hungary, UK, and Ukraine. Fathom Technology is a software development services company based in Budapest, Hungary. Through the addition of Fathom, EPAM makes a strategic shift away from a pure North American market focus to one that is more balanced and includes a growing EU client base.
EPAM acquired VDI in 2006, Spline Software in 2007 and entered the German market. The company secured equity investment from Siguler Guff & Company, received a new customer - The Coca-Cola Company. During the time of recession in 2008, the company has acquired B2Bits Corp and PlusMicro in 2008, Rodmon Systems in 2009. Headcount at the company during 2009 is 4,431 and the company expanded to Kazakhstan and Sweden through its acquisitions.
During the period 2012-2013, the company entered into Poland, Switzerland, Canada, and Hong Kong SAR through acquisition of Thoughtcorp, and Empathy Lab. EPAM is the first company with Belarusian engineering roots to go public on the New York Stock Exchange on February 8, 2012.
Positioned for the first time as a leader in Product Development Services by Forrester during 2014-2015, EPAM spans 17 countries, including a new location in China, and employs 13,000+ experts in a variety of domains and solution practices. With the acquisition of Alliance Global Services, EPAM enters the Indian market in 2015. More markets added include Singapore, China, Australia, Armenia, Netherlands, and Bulgaria. Total number of employees in the workforce of the company is 25,900+ by 2017 and the company kept expanding to more geographic locations.
The company celebrated its 25th anniversary in 2018. It has acquired Continuum, and TH_NK during the year to expand to Japan and Spain. In 2019, EPAM is listed as Fortune’s 100 Fastest-Growing Companies, for a second time, and recognized with the Best in Biz Award for Corporate Social Responsibility Program of the Year. The workforce now is 36,700+ in 2019 and the company expands to Uzbekistan, France, Vietnam, and Israel.
EPAM grew its global API practice and salesforce capabilities with the acquisition of Ricston, expanded its advanced data and analytics capabilities with the acquisition of Deltix, and joined the newly formed MACH Alliance as a founding member to help drive next-generation digital architectures and experiences. EPAM ranked as the top IT services company on Fortune’s 100 Fastest-Growing Companies list, jumping 50 positions to #21, and was broadly recognized as a rising leader in integrated consulting capabilities in 2020.
In 2021, EPAM diversified its global capabilities, talent footprint and solutions portfolio—making several strategic acquisitions, including PolSource, White-Hat Ltd., Just-BI, CORE SE, S4N, Emakina Group and Optiva Media. EPAM became a member of the S&P 500 and a Forbes Global 2000 company, and for the third consecutive year, EPAM ranked the Top IT services company on Fortune’s 100 Fastest-Growing Companies list.
In 2022, the company is operating in more than 50+ companies around the globe and has 59,250+ employees. During the year, Vivify Ideas and Enginiety joined the family of EPAM. EPAM prioritized the safety and well-being of its employees and their families in Ukraine. The Company supported EPAMers and the Ukrainian people via humanitarian relief, IT volunteering, educational programs and community initiatives in partnership with local NGOs.
