EPAM Systems Market CAP Exceeds One Billion Dollars

EPAM Systems Market CAP Exceeds One Billion Dollars
7 March 2013
7 March 2013

Market capitalization of the HTP resident-company EPAM Systems, IT solutions provider, has exceeded a billion dollars for the first time since the company went public in February 2012.

After the trading session on March 6, 2013 the shares of the first company with Belarusian roots on the NYSE rose to 23.52 dollars per share, while the market cap reached $ 1.02 billion.

A few days earlier EPAM Systems announced the financial results of the year 2012. Net income increased by 23% compared with 2011 and equaled $ 54 million, revenues increased by 29.7% to $ 434 million.

Investments for construction in Belarus amounted to 13 million dollars in 2012. The company is going to spend another $ 6 million in 2013 to accomplish their buildings in the territory of HTP.

Just over a year ago, on February 8, 2012, after the first day of IPO the market price of EPAM Systems amounted to 288 million.

Head and co-founder of EPAM Systems Arkady Dobkin called the year 2012 ”a year of significant achievements“ for the company and noted that EPAM would continue to invest in technology and expanding their capabilities.

”We can do better, and perform more complicated tasks than most of our competitors. We will use both internal and external possibilities ... to expand the range of our services, technical expertise and access to new markets“, – he said.

Founded in 1993 by a Belarusian native Arkady Dobkin, EPAM Systems, Inc. is one of the largest developers of customized software and IT services providers with offices in Central and Eastern Europe.

The companys headquarters is located in the U.S., the number of employees approximates 8,500 IT professionals, 4, 000 of them work in Belarus. EPAM subsidiaries operate in Russia, Ukraine, Kazakhstan, Canada, the UK, Switzerland, Germany, Sweden, Hungary and Poland.

Source: http://it.tut.by/333474

Kuprevicha, 1/1, 220141, Minsk, Belarus.