VTB Capital, the asset management arm of Russian banking group VTB, has acquired a minority stake in the largest Central and Eastern European software engineering outsourcing services provider EPAM Systems.
Founded in 1993, EPAM has 90% of its 5,400+ staff located in software development centers in Belarus and Russia. The company reported revenues of $160 million in 2008.
EPAM, which is headquartered in the U.S., is run by its founding CEO Arkadiy Dobkin. EPAM’s largest shareholder is private equity firm, Russia Partners that is managed by Drew J. Guff.
EPAM previously raised $50 million from Renaissance Investment Management, Da Vinci Capital and Euroventures in May 2008 and $25 million from Russia Partners’ Siguler Guff in January 2006.