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Overview of EPAM Systems, Inc.
EPAM Systems, Inc. (NYSE: EPAM) is a global IT services firm specializing in digital transformation, platform engineering, and software development. Established in 1993, the company has built an impressive reputation for its expertise in digital transformation, software engineering, and advanced consulting services. Leveraging a robust, award-winning global delivery platform, EPAM addresses complex technology challenges for a diverse range of clients worldwide.
Core Business Areas
EPAM delivers a comprehensive suite of services including custom software product development, platform engineering, consulting services, and cloud and AI-enabled transformation solutions. The company’s business model is rooted in its ability to integrate strategy, technology, and engineering execution, ensuring that organizations can accelerate innovation and maintain a competitive edge. Its offerings extend to cutting-edge fields such as artificial intelligence, data analytics, and digital consulting, making it a critical partner for enterprises aiming to navigate modern technological challenges.
Global Delivery and Operational Excellence
With operations in over 20 countries across North America, Europe, Asia, and Australia, EPAM operates through a distributed yet highly integrated delivery model. This enables the firm to provide local engagement with global expertise, ensuring that each client benefits from region-specific insights combined with industry-leading practices. EPAM’s operational approach emphasizes efficiency, quality, and adaptability, making it well-positioned to manage diverse projects ranging from platform engineering to end-to-end digital transformation initiatives.
Innovation and Technical Expertise
The company is renowned for its commitment to innovation, consistently investing in new technologies and engineering methodologies to meet evolving market needs. EPAM harnesses advanced solutions in cloud computing, AI, and emerging technologies to empower its clients. Initiatives such as its GenAI-enabled capabilities and collaborative platforms reflect its ongoing pursuit of integrating next-generation technologies with practical, business-driven applications.
Client-Centric Consulting and Engaged Partnerships
EPAM’s success is driven by a deep commitment to understanding each client’s unique challenges. By offering tailored consulting services, detailed architectural designs, and agile development practices, the company ensures that clients receive customized solutions aligned with their strategic objectives. The firm also strengthens its market position through strategic partnerships and select acquisitions that diversify and enhance its delivery capabilities, reinforcing its role as a trusted advisor in digital transformation journeys.
Market Position and Competitive Landscape
Positioned among the premier global technology firms, EPAM stands out due to its integrated consulting approach and a proven track record in delivering high-quality software product development. Its expansive geographic reach and continuous investment in emerging technologies enable it to compete effectively against established IT giants and niche players alike. The company’s methodological focus on quality, client engagement, and operational excellence helps maintain its resilience in an ever-evolving technology landscape.
Key Differentiators
- Integrated Global Delivery: Combines local expertise with a global reach to optimize project outcomes.
- Technological Agility: Embraces advancements in AI, cloud computing, and data analytics to facilitate innovative solutions.
- Client-Focused Strategies: Prioritizes deep client engagement and customized solutions across diverse industries.
- Strategic Acquisitions: Enhances its service portfolio and market presence through acquisitions that complement its core competencies.
Conclusion
EPAM Systems, Inc. is a highly competent and globally recognized IT services provider that has successfully combined decades of engineering expertise with a forward-thinking approach to digital transformation. Its commitment to excellence and continuous innovation renders it a reliable partner for enterprises aiming to leverage technology for sustained business growth. With a balanced focus on strategy, execution, and technological innovation, EPAM remains a pivotal player in the competitive IT services domain.
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.
EPAM Systems, a digital transformation and product engineering company, has been recognized with five Brandon Hall Group Human Capital Management Excellence Awards for its AI-powered learning initiatives. The company won three gold awards for:
1. Best Use of AI for Learning: Integrating generative AI into educational courses for personalized, efficient learning.
2. Best Competencies and Skill Development: The EngX™ Program, which improved engineer skills by 23% and yielded a 500% ROI in one year.
3. Best Learning Program Supporting Change Transformation: A global AI education initiative covering AI fundamentals, applications, and ethics.
EPAM also received a silver award for Best Learning Team and a bronze for Best Learning Experience Platform Implementation. These achievements highlight EPAM's commitment to fostering an education and engineering culture that supports business transformation and client value delivery in the AI era.
EPAM Systems, Inc. (NYSE: EPAM) has announced an agreement to acquire NEORIS, a global advanced technology consultancy. This acquisition will expand EPAM's delivery capabilities in Latin America and Europe and increase client value across key industries. NEORIS, headquartered in Miami, has over 4,700 professionals across major talent hubs in Latin America, Spain, and the U.S.
The acquisition is expected to strengthen EPAM's presence in LATAM and enhance its delivery capabilities across Europe, India, and APAC. It will create a market offering for clients across Latin America and in Spanish- and Portuguese-speaking markets. The deal is subject to customary closing conditions and is expected to close in the fourth quarter of 2024.
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