The private equity groups Renaissance Investment Management and Da Vinci Capital co-led a $50 million investment in EPAM Systems, the largest software development outsourcing services provider in Eastern Europe and Russia. Euroventures of Hungary also participated in the round. The leading Russian investment bank Renaissance Capital acted as a sole advisor on the transaction.
EPAM said in a press statement it would use funds “to invest into global professional talent and infrastructure as well as to fund specific acquisitions in North America and Europe to broaden EPAM portfolio of services for the growing base of global clients.”
EPAM, which reported revenues of $115 million in 2007, was founded in 1993 and merged with a U.S./Russian software development outsourcing company Vested Development, Inc. (VDI) in 2006. 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 previously received $25 million investment from private equity firm Siguler Guff & Company. The company recently acquired Plusmicro in Kazakhstan and B2BITS Corp.