EPAM SYSTEMS, INC. - EPAM STOCK NEWS

EPAM Systems reported strong first-quarter 2021 results, with revenues reaching $780.8 million, a 19.9% increase year-over-year. GAAP income from operations rose to $107.3 million, a 22.6% increase. Non-GAAP diluted EPS increased by 26.6% to $1.81. Cash flow from operations was $12.8 million, down from $63.3 million in Q1 2020. For 2021, EPAM anticipates revenue growth of at least 29% and GAAP diluted EPS between $7.09 and $7.31. The second quarter revenue forecast is between $853 million and $861 million, indicating a year-over-year growth rate of approximately 35.5%.

EPAM announced the acquisition of White-Hat Ltd., a cybersecurity firm, enhancing its cybersecurity portfolio and expanding EMEA delivery capabilities. This strategic move aligns with increasing demand for cybersecurity as organizations modernize their digital infrastructure. White-Hat's methodologies and incident response expertise will boost EPAM's capabilities in the Zero Trust Architecture. The acquisition seeks to strengthen EPAM's position as a leader in cybersecurity, addressing evolving threats in the digital landscape.

The MACH Alliance, dedicated to advancing open tech ecosystems, has welcomed over 30 members since its launch in June 2020, now spanning North America, Europe, and Asia. Recent research indicates that 81% of IT leaders plan to enhance MACH elements in their architecture over the next year. The Alliance has secured $1M in funding to support its mission and remains a thought leader in technology innovation, hosting initiatives such as the MACHathon and co-hosting webinars with Forrester. Founding members include EPAM Systems.

EPAM has acquired PolSource, a prominent Salesforce consulting partner with over 350 specialists across the Americas and Europe. This acquisition is driven by the escalating demand for Salesforce-driven digital transformation, allowing EPAM to enhance its Salesforce capabilities and expand its global footprint. By combining forces, they aim to create one of the largest Salesforce partners, enhancing EPAM's client portfolio and delivery practices across 14 countries. The move is a strategic response to the increasing reliance on Salesforce for improving business productivity and profitability.

EPAM Systems, Inc. (NYSE: EPAM) will host a conference call on May 6, 2021, at 8:00 a.m. ET to discuss its first quarter 2021 financial results. A news release with these results will be issued prior to the call. Interested parties can access the call via webcast or by phone. The replay will be available from May 6, 2021, at 11:00 a.m. ET until May 13, 2021, at 11:59 p.m. ET. EPAM continues to be recognized as a market leader in technology and consultancy sectors.

EPAM Systems, Inc. (NYSE: EPAM) announced its agreement to acquire PolSource, a Salesforce Platinum Partner with over 350 Salesforce specialists, to enhance its Salesforce capabilities and facilitate market expansion. The acquisition is expected to close in EPAM's fiscal second quarter, subject to regulatory approvals. PolSource is renowned for delivering digital transformation solutions across various industries and holds multiple Salesforce certifications, which will strengthen EPAM's position in the market.

EPAM Systems reported strong financial results for Q4 and full year 2020, with revenues of $723.5 million, a 14.3% increase year-over-year. GAAP income from operations rose by 32.2% to $112 million, while diluted EPS reached $1.46, up 13.2%. For the full year, revenues reached $2.66 billion, a 15.9% increase. The company anticipates at least 23% revenue growth for 2021 and projects GAAP diluted EPS between $6.65 and $6.86. As of Dec 31, 2020, cash and equivalents totaled $1.32 billion, marking a 41.1% increase from the previous year.

EPAM Systems (NYSE: EPAM) announced the launch of an Industry Advisory Board on January 28, 2021, aimed at enhancing its digital transformation services. The inaugural team comprises industry leaders such as Dr. Mark Boxer, Norm Judah, and Andy Walter, who bring extensive experience in sectors like healthcare, cloud transformation, and consumer goods. This board will be pivotal in navigating technology changes and fostering strategic relationships. Future expansions will include members from various verticals like Insurance and Financial Services, contributing to EPAM's commitment to deliver value to its customers.

EPAM Systems, Inc. (NYSE: EPAM) has been named a Challenger in Gartner's 2020 Magic Quadrant for Application Testing Services. This evaluation reflects the company's ability to execute and completeness of vision, highlighting its systematic approach to quality improvement in application testing. EPAM focuses on cost-effective continuous quality and has invested in next-gen testing services, enhancing offerings like testing-as-a-service, especially for Agile projects. The report assessed 20 providers, guiding leaders in vendor selection.