The private equity firm Da Vinci Capital invested $18 million in EPAM Systems, the Eastern Europe and Russia’s largest software development outsourcing services provider, reported RBC Daily. It is estimated that Da Vinci Capital obtained a 17 percent stake in EPAM that reported revenues of $115 million in 2007.
In 2006, EPAM Systems received $25 million investment from private equity firm Siguler Guff & Company.
EPAM was founded in 1993 and merged with a U.S./Russian software development outsourcing company Vested Development, Inc. (VDI).
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 recently acquired Plusmicro in Kazakhstan and B2BITS Corp.
Da Vinci Capital Management, which has $250 million of assets under management, is 50% – 50% joint venture between Oleg Jelezko and BSG. The join venture was formed in the summer of 2007. Oleg Jelezko was previously head of the Equity Structured Products Group within Renaissance Capital. BSG is a privately held international investment group with over 30 years experience investing in global capital markets, real estate, commodities, precious metals, and oil and gas.