EPAM SYSTEMS, INC. - EPAM STOCK NEWS

EPAM Systems announced the release of StatGPT 2.0 Platform, developed in collaboration with the International Monetary Fund (IMF) for SDMX sponsor organizations and selected national statistical organizations. The platform, built on EPAM DIAL technology, enables natural language access to global economic and financial data. StatGPT 2.0 was evaluated using eight public datasets and tested by over 100 representatives from SDMX sponsoring institutions. The platform represents an advancement in statistical data management, offering improved efficiency in data queries and user guidance.

EPAM Systems reported Q3 2024 revenues of $1.168 billion, up 1.3% year-over-year. GAAP income from operations was 15.2% of revenues, while non-GAAP income was 19.1%. The company recorded a $52.0 million benefit from Polish R&D government incentives. GAAP diluted EPS increased to $2.37, up $0.72, and non-GAAP diluted EPS rose to $3.12, up $0.39 year-over-year. EPAM raised its full-year 2024 outlook, expecting revenues between $4.685-4.695 billion. The company completed the acquisition of NEORIS, adding approximately 4,800 professionals across Latin America, Spain, and the U.S.

EPAM Systems has completed its acquisition of NEORIS, a Miami-based global technology consultancy with approximately 4,800 professionals. NEORIS operates across major talent hubs in Latin America, Spain, and the U.S., specializing in digital transformation projects for various industries including Manufacturing, Banking, CPG & Retail, and Telco & Media. The acquisition was made from funds managed by Advent International and Cemex. This strategic move enhances EPAM's delivery capabilities in Latin America and Europe while expanding its global and nearshore delivery capabilities across North America, India, and Europe.

EPAM Systems (NYSE: EPAM) has been positioned as a Leader in Gartner's Magic Quadrant™ for Custom Software Development Services, Worldwide 2024. The recognition highlights EPAM's expertise in building and modernizing solutions, particularly leveraging Generative AI technology. The company's capabilities span across modern technologies including machine learning, cloud-native solutions, composable architecture, API-first approaches, microservices, serverless computing, data-mesh, multi-experience, hyperautomation, blockchain, and IoT to deliver scalable solutions.

EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, has announced its upcoming third quarter 2024 earnings release and conference call. The company will host a conference call on Thursday, November 7, 2024, at 8:00 a.m. ET to discuss its financial results for Q3 2024. A news release containing these results will be issued prior to the call.

Investors and interested parties can access the live webcast of the conference call on the EPAM website at https://investors.epam.com. It is recommended to visit the website at least 15 minutes before the call to register for the event. For those unable to attend the live webcast, a replay will be made available in the Investor Relations section of the website.

EPAM Systems, Inc. (NYSE: EPAM) has announced an agreement to acquire First Derivative, a Northern Ireland-based managed services and consulting business for the capital markets industry. This strategic acquisition will enhance EPAM's capabilities in capital markets, banking operations, and asset servicing, strengthening its global client offerings.

First Derivative brings over 1,800 employees worldwide and major delivery capabilities in the UK, Ireland, North America, and APAC. The acquisition will add more than 100 new clients to EPAM's portfolio, offering unmatched value in technology services for the financial services industry. First Derivative specializes in helping leading financial institutions, including the top 20 global banks, stay compliant, reduce costs, and enhance efficiency through tech modernization.

The combination of EPAM's digital technology and engineering expertise with First Derivative's business services and software offerings, enhanced by Generative AI, will create valuable end-to-end capabilities for clients. The acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions and regulatory clearances.

EPAM Systems, Inc. (NYSE: EPAM) has announced that its developers have outperformed global developer quality and productivity benchmarks set by BlueOptima, an independent organization specializing in evaluating software development practices. According to BlueOptima's Q2 2024 Global Benchmark Report, more than 76.5% of EPAM's lead developers surveyed exceeded the global average, demonstrating superior quality and efficiency across industries and regions.

The report, which utilizes data from over 700,000 developers across 30 countries, serves as a critical standard for global software development productivity and quality. It employs metrics such as Coding Effort and source code maintainability to provide insights for enterprise IT outsourcing customers, helping them benchmark developer efficiency and optimize outsourced projects.

EPAM Systems, Inc. (NYSE: EPAM) has been named a Leader in the IDC MarketScape: Worldwide Data Modernization Services 2024 Vendor Assessment. The report highlights EPAM's comprehensive data modernization services, spanning from strategy to engineering, with a focus on data and AI consulting, data products development, data on cloud, data platform engineering, and AI/ML engineering. Customers highly regard EPAM's ability to deliver across the lifecycle of data modernization services and provide resources with appropriate technical skills and certifications.

Val Tsitlik, SVP Head of Data and Analytics Practice at EPAM, emphasized the company's expertise in data and analytics, AI-integrated tools, business intelligence, and cloud platform development. EPAM's Core Data & Analytics Focus Areas include Data, Analytics & AI Strategy, Data Factory & Data Mesh, Data Governance, Data Migration, Artificial Intelligence & Machine Learning, and Business Intelligence & Self-Service.

EPAM Systems has been named a Top IT Sourcing Vendor in Switzerland for the fourth consecutive year, according to the 2024 Swiss IT Sourcing Study by Whitelane Research. The company achieved exceptional performer status in application services and general satisfaction, with excellent ratings in several categories:

• Account Management Quality: 87%
• Application services: 85%
• Service Delivery Quality: 84%
• General Satisfaction: 83%
• Digital transformation: 80%

The study evaluated over 400 unique IT sourcing relationships based on key performance indicators. EPAM's recognition underscores its commitment to delivering leading-edge digital transformation services, application services, and engineering solutions tailored to clients' evolving needs in the Swiss market.