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EPAM Systems, Inc. (NYSE: EPAM) is a global leader in software product development, digital platform engineering, and technology consulting based in the United States. Established in 1993, EPAM has built a reputation for excellence, recognized by independent research agencies and industry leaders globally. The company operates in over 20 countries across North America, Europe, Asia, and Australia, delivering innovative solutions to clients worldwide.
EPAM's core offerings include digital and cloud engineering, AI-enabled transformation services, and comprehensive business and experience consulting. The company's largest market is North America, accounting for approximately 60% of its revenues. EPAM has expertise in emerging technologies like artificial intelligence, virtual reality, and robotics, helping businesses stay ahead in a rapidly evolving tech landscape.
Recent achievements highlight EPAM's strong market position. The company was added to the S&P 500 and the Forbes Global 2000 in 2021 and has been recognized by Glassdoor as a Best Workplace in 2023 and 2024. EPAM's multidisciplinary teams, comprising consultants, architects, designers, and engineers, serve clients across six continents, ensuring local engagement and global delivery.
EPAM continues to expand its capabilities through strategic acquisitions and partnerships. Notably, the acquisition of Vates S.A. in 2024 bolstered EPAM's software development portfolio and enhanced its delivery capabilities in Latin America. Additionally, EPAM has been honored with several industry awards, including the 2024 Google Cloud Talent Development Partner of the Year Award in North America, reflecting its commitment to innovation and excellence in talent development.
Financially, EPAM has demonstrated resilience and adaptability, navigating volatile market conditions and refining its growth strategies. The company focuses on harmonizing delivery quality, optimizing cost-effectiveness, and leveraging its extensive experience in data, engineering, and consulting to capitalize on opportunities in the AI space. EPAM supplements its GAAP results with non-GAAP financial measures to provide a clearer picture of underlying business trends and performance.
EPAM's latest project, OSPulse™, an enterprise-level analytics dashboard, showcases the company's continuous innovation. OSPulse™ helps organizations monitor open source engagement, offering valuable insights for strategic decision-making. EPAM's commitment to the open source community is reflected in its extensive contributions and initiatives like the Open Source Contributor Index (OSCI), furthering technological innovation and community engagement.
For more information about EPAM Systems, visit www.epam.com.
EPAM Systems reported strong Q3 2021 results with revenues reaching $988.5 million, a 51.6% year-over-year increase. GAAP income from operations rose 49.5% to $144.1 million, while non-GAAP income increased 45.7% to $179.6 million. Diluted EPS on a GAAP basis rose 27.5% to $1.95. The company also raised its full-year revenue growth outlook to at least 40%, expecting Q4 revenues between $1.075 billion and $1.085 billion. Cash reserves increased by 7.7% to $1,425.6 million as of September 30, 2021.
EPAM Systems, Inc. (NYSE: EPAM) released its Consumer Banking Report 2021, analyzing how evolving consumer attitudes post-pandemic affect the banking industry. Surveying over 21,000 individuals across multiple regions including the U.S. and U.K., the report reveals trends like the unbundling of financial services, Gen Z's demand for financial education, and rising interest in cryptocurrencies. Key findings indicate that while traditional banks retain customers, there is a shift towards using multiple providers for diverse financial needs.
EPAM Systems, Inc. (NYSE: EPAM) will host a conference call on November 4, 2021, at 8:00 a.m. ET, to discuss its third quarter 2021 financial results. A news release with the results will be issued before the call. Investors can access the call via a webcast on the company's Investor Relations website or by dialing in. A replay will be available post-call. EPAM, established in 1993, specializes in software engineering, product development, and digital platform solutions across over 35 countries.
World Fuel Services Corporation (NYSE: INT) has appointed Jill B. Smart to its Board of Directors. With over 33 years of experience at Accenture, where she served as the Chief Human Resources Officer, Jill brings extensive expertise in human capital management and organizational transformation. Her addition is expected to enhance the company's strategic growth objectives. Smart is also involved with the National Academy of Human Resources and serves on the board of EPAM Systems, Inc. (NYSE: EPAM). She will participate in the Compensation and Governance committees.
EPAM Systems (NYSE: EPAM) announced an expansion into Latin America with the acquisition of Colombian software firm S4N, enhancing its delivery capabilities and career opportunities for local IT professionals. With this acquisition, EPAM's LATAM workforce exceeds 1,500 employees, with plans to increase by thousands in the coming years. This strategic move aims to strengthen EPAM's position as a tech leader, leveraging the growing tech talent in the region. The partnership is expected to deliver advanced solutions and foster collaboration, aligning with EPAM's mission in digital services.
EPAM Systems reported robust second-quarter results for 2021, with revenues of $881.4 million, up 39.4% year-over-year. GAAP income from operations surged 50.2% to $125.3 million, while diluted EPS rose 70.2% to $1.94. The company raised its full-year revenue growth outlook to at least 37%, expecting acquisitions to contribute approximately 3%. For Q3, projected revenues range between $957 million and $965 million, reflecting a year-over-year growth of around 47%.
EPAM Continuum released its 2021 Consumers Unmasked Study, analyzing the spending habits of 71 Millennial and Gen-Z shoppers. The study, part of a four-part series, highlights key consumer trends including the importance of value for money, the pursuit of the best deal as a social achievement, and growing expectations for rewarding online experiences. Notably, brand ethics are becoming increasingly significant for consumers. The full quantitative survey will return in September 2021 to support the qualitative findings.
EPAM Systems, Inc. (NYSE: EPAM) has been honored with two 2021 Sitecore Experience Awards: the Excellence in Product Expertise for the Americas and Excellence in Solution Delivery for EMEA. These awards showcase EPAM's commitment to mastering Sitecore products and delivering top-notch solutions for clients. A Platinum Sitecore Partner, EPAM boasts over 150 certifications and a team of more than 1,000 experts, reflecting its strength in digital marketing solutions. The recognition underscores EPAM's global leadership and positions the company for significant growth.
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