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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 Continuum, the consulting arm of EPAM Systems, has released its Consumer Banking Report 2020, based on a survey of 4,500 customers across key regions including the UK, US, Hong Kong, and Singapore. The report highlights that 82% of customers are satisfied with their traditional banks, though 50% have reassessed their banking needs due to COVID-19. It emphasizes the need for banks to integrate more into customers' digital ecosystems to enhance their services and connect better with customers, particularly the younger demographic.
The MACH Alliance announces the addition of three technology leaders to its advisory board: Niall Edwards from LEGO Group, Giles Smith from a luxury retailer, and Jamie Hancox, founder of Commerce Future. Their expertise will support the Alliance's mission to promote composable technology architecture. Kelly Goetsch, co-founder of the MACH Alliance, emphasizes the importance of their insights for businesses navigating software solutions. The Alliance, founded in June 2020, aims to guide enterprises towards open tech ecosystems based on microservices and APIs, including EPAM Systems as a founding member.
EPAM Systems has announced the acquisition of Ricston Ltd., a provider of software integration and connectivity solutions, to enhance its consulting and engineering services in API and microservices management. This strategic move is aimed at bolstering EPAM's capabilities within the Salesforce ecosystem and meeting increasing client demand for modern architectures. Ricston, recognized for its expertise in MuleSoft, will help EPAM's customers accelerate their digital transformation and competitiveness.
On August 27, 2020, EPAM Systems (NYSE: EPAM) announced that its COVID Resistance App received the 2020 Pandemic Tech Innovation Award from TMC Labs. This award recognizes software and solutions aiding in pandemic management. The COVID Resistance mobile app features an anonymous digital health identity, real-time tracking, and exposure notifications, ensuring GDPR and HIPAA compliance. Balazs Fejes, EVP at EPAM, expressed gratitude for the recognition, highlighting the team's swift efforts to help users manage COVID-19 risks during the ongoing pandemic.
EPAM Systems reported second quarter 2020 revenues of $632.4 million, up 14.6% year-over-year, with GAAP income from operations rising to $83.4 million, a 14.5% increase. Non-GAAP income also climbed, reaching $108.2 million, marking a 16.9% growth. The diluted EPS for the quarter was $1.14, an 11.8% rise compared to the previous year. Cash flow from operations for the first half of 2020 stood at $209.4 million. For Q3 2020, EPAM expects revenues between $633 million and $643 million, showing a projected 8.5% growth rate.
EPAM Systems, Inc. (NYSE: EPAM) will host a conference call on August 6, 2020, at 8:00 a.m. ET to discuss its Q2 2020 financial results. A press release with detailed results will be issued prior to the call. Investors can access the call via the Investor Relations website or by dialing +1 (844) 707-0662. A replay will be available until August 13, 2020.
EPAM has collaborated with UNICEF ECARO to enhance the 'HealthBuddy COVID-19' chatbot app, aimed at providing reliable COVID-19 information to children, families, and communities in Europe and Central Asia. This new platform combines features from EPAM's COVID Resistance app and UNICEF's existing chatbot, promoting protective behaviors and accurate messaging against misinformation. The app, available in multiple languages, will support public health institutions and citizens during the pandemic and future emergencies. EPAM is committed to providing technical support through December 31, 2021.
EPAM Systems, a leader in digital platform engineering, will host a live webinar on July 23, 2020, to discuss the evolving customer experience in consumer banking. The session will feature experts from EPAM and is aimed at executives in finance and design. Attendees will gain insights into the shifts in fintech and banking, addressing changing customer expectations and the need for adaptation in the industry. The event will be held online from 9:00 to 9:45 AM BST.
On July 1, 2020, EPAM Systems, along with commercetools and Contentstack, announced a new headless commerce solution tailored for Dawn Foods, a global bakery manufacturer. This innovative B2B e-commerce platform allows retail bakeries easy access to an extensive product catalog, featuring a streamlined ordering process. Built on a cloud-native, microservices-based architecture, the solution enhances user experience across devices. This digital transformation aims to simplify operations for bakeries, especially during the pandemic, and represents the first phase of Dawn Foods' digital journey.
EPAM Systems (NYSE: EPAM) has been recognized as a leader in the IDC MarketScape: Worldwide Cloud Business Analytics Services 2020 Vendor Assessment. The company's strengths lie in its innovative strategies, client adoption, and R&D efforts. EPAM offers comprehensive data and analytics services, employing a 'cloud first' approach to help organizations maximize the value of their data. The report emphasizes EPAM's technical expertise, high-quality staff, and robust integration capabilities, making it a valuable partner for businesses seeking cloud analytics services.
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