Strategic acquisition strengthens EPAM's
financial services delivery capabilities in North America, Europe and APAC, enhancing end-to-end
services
NEWTOWN,
Pa. and NEWRY, N.
Ireland, Dec. 3, 2024 /PRNewswire/ -- EPAM
Systems, Inc. (NYSE: EPAM), a leading digital
transformation services and product engineering company, today
announced the successful completion of its acquisition of First
Derivative, a Northern
Ireland-headquartered managed services and consulting
business for the capital markets industry with more than 1,800
employees worldwide and major delivery capability in the U.K.,
Ireland, North America and APAC.
First Derivative has one of the largest, fully dedicated capital
markets consulting teams in the world. The Company deploys a range
of technology capabilities to assist clients in meeting their
technology challenges, including application development and
modernization, real-time data platforms, robotic process
automation, machine learning and artificial intelligence.
"As we complete this acquisition, we are excited to welcome
First Derivative's talented team and client base to EPAM," said
Balazs Fejes, President of Global
Business and Chief Revenue Officer, EPAM. "This partnership brings
together EPAM's digital, AI, cloud and engineering capabilities
with First Derivative's expertise in financial services. Whilst
First Derivative has historically been a key player in financial
services and capital markets, we see significant opportunity to
apply First Derivative's specializations in regulated industries
and implementations of specialized commercial software solutions to
our wider customer base."
EPAM will leverage First Derivative's strong industry experience
and brand to deliver a comprehensive set of AI-enabled capabilities
to clients in banking, capital markets and other financially
regulated businesses across North
America, Europe and
APAC.
"We are pleased to officially join forces with EPAM, a partner
whose commitment to technological innovation aligns perfectly with
our vision," said David Collins,
CEO, First Derivative. "Together, EPAM and First Derivative offer
strengthened financial services to clients, empowering operational
insights, driving innovation and more effectively managing risk in
an increasingly data-driven landscape."
Details Regarding Acquisition of First
Derivative
Stone Key Partners LLC served as the exclusive
financial advisor and Faegre Drinker served as the legal advisor to
EPAM. The acquisition successfully closed after meeting all
customary closing conditions, including the receipt of necessary
regulatory clearances.
Learn more about the acquisition here: Agreement to
Acquire First Derivative, Expanding Global Financial Services
Practice.
To learn more about EPAM's growing financial services
capabilities,
visit www.epam.com/industries/financial-services.
About EPAM Systems
Since 1993, EPAM Systems, Inc.
(NYSE: EPAM) has used its software engineering expertise to become
a leading global provider of digital engineering, cloud and
AI-enabled transformation services, and a leading business and
experience consulting partner for global enterprises and ambitious
startups. We address our clients' transformation challenges by
focusing EPAM Continuum's integrated strategy, experience and
technology consulting with our 30+ years of engineering execution
to speed our clients' time to market and drive greater value from
their innovations and digital investments.
We make GenAI real with our AI LLM orchestration, testing and
engineering solutions, EPAM DIAL, EPAM EliteA™ and EPAM AI/RUN™,
respectively.
We deliver globally but engage locally with our expert teams of
consultants, architects, designers and engineers, making the future
real for our clients, our partners, and our people around the
world. We believe the right solutions are the ones that improve
people's lives and fuel competitive advantage for our clients
across diverse industries. Our thinking comes to life in the
experiences, products and platforms we design and bring to
market.
Added to the S&P 500 and the Forbes Global 2000 in 2021 and
recognized by Glassdoor and Newsweek as a Top 100 Best Workplace,
our multidisciplinary teams serve customers across six continents.
We are proud to be among the top 15 companies in Information
Technology Services in the Fortune 1000 and to be recognized as a
leader in the IDC MarketScapes for Worldwide Experience Build
Services, Worldwide Experience Design Services and Worldwide
Software Engineering Services.
Learn more at www.epam.com and follow us
on LinkedIn.
Forward-Looking Statements
This press release includes estimates and statements which may
constitute forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995, the accuracy of which are necessarily subject to risks,
uncertainties, and assumptions as to future events that may not
prove to be accurate. Our estimates and forward-looking statements
are mainly based on our current expectations and estimates of
future events and trends, which affect or may affect our business
and operations. These statements may include words such as
"may," "will," "should," "believe," "expect," "anticipate,"
"intend," "plan," "estimate" or similar expressions. Those future
events and trends may relate to, among other things, developments
relating to the war in Ukraine and
escalation of the war in the surrounding region, political and
civil unrest or military action in the geographies where we conduct
business and operate, difficult conditions in global capital
markets, foreign exchange markets and the broader economy, and
the effect that these events may have on client demand and our
revenues, operations, access to capital, and
profitability. Other factors that could cause actual results
to differ materially from those expressed or implied include
general economic conditions, the risk factors discussed in the
Company's most recent Annual Report on Form 10-K and the factors
discussed in the Company's Quarterly Reports on Form 10-Q,
particularly under the headings "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and
"Risk Factors" and other filings with the Securities and Exchange
Commission. Although we believe that these estimates and
forward-looking statements are based upon reasonable assumptions,
they are subject to several risks and uncertainties and are made
based on information currently available to us. EPAM undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as may be required under applicable securities
law.
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SOURCE EPAM Systems, Inc.