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EPAM Systems Enters Oil Rich Kazakhstan With Surprise Acquisition

Files under: Enterprise, News
Posted by: Quintura @ 07:47 [3. 04. 08]

The Eastern Europe and Russia’s largest software development outsourcing services provider EPAM Systems agreed to acquire Plusmicro, a leading ERP software development and services company in Kazakhstan in all-share deal. The deal is the first ever cross-border software company acquisition in Kazakhstan, the largest Central Asian country known for its vast mineral resources and not for technology expertise.

EPAM Systems, which was founded in 1993, reported revenues of $115 million in 2007. EPAM maintains U.S. headquarters in Lawrenceville, NJ, and European headquarters in Budapest, Hungary, as well as support and delivery operations in the U.K. and Germany. The company employs over 4,000 software developers in Russia, Belarus, Hungary, and Ukraine. Its major clients include SAP, BEA Systems, Microsoft, Oracle, Reuters, and Colgate-Palmolive.

EPAM Systems received $25 million investment from private equity firm Siguler Guff & Company in 2006.

PlusmicroPlusmicro, which was founded in the city of Karaganda in 1987, employs more than 80 software engineers. The company, which sells the Luca accounting and ERP software, has developed the taxation information system in Kazakhstan.

Update: Today EPAM Systems also acquired B2BITS Corp., a provider of software solutions and consulting services to capital markets organizations for an undisclosed amount, reported Private Equity HUB. Back in 2006, EPAM merged with a U.S./Russian software development outsourcing company Vested Development, Inc. (VDI).

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