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EPAM Systems

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EPAM Systems, Inc.
Company typePublic
IndustrySoftware engineering
Founded1993; 33 years ago (1993)
Headquarters
Newtown, Pennsylvania
,
U.S.
Area served
Worldwide
Key people
  • Arkadiy Dobkin – Principal Founder (1993–present)
    CEO & President (1993–2025)
    Executive Chairman (Sep 2025–present)
  • Balázs Fejes – CEO & President (Sep 2025–present)
Services
  • Software product development
  • digital platform engineering
  • application development
  • enterprise application platforms
  • application testing
  • application maintenance and support
  • ASM and infrastructure services
RevenueIncrease US$5.45 billion (2025)
Increase US$520 million (2025)
Decrease US$377 million (2025)
Total assetsIncrease US$4.90 billion (2025)
Total equityIncrease US$3.67 billion (2025)
Number of employees
62,850+ (FY 2025)
Websiteepam.com
Footnotes / references
[1]

EPAM Systems, Inc. is a U.S.-based global provider of information technology services and consulting. The company provides services in digital engineering, cloud transformation, artificial intelligence, and software development.[2] Headquartered in Newtown, Pennsylvania, EPAM has been listed on the New York Stock Exchange since 2012 (NYSE: EPAM).[3]

It is a member of the S&P 500 Index.[4]

As of the end of 2025, the company employed approximately 62,850 people across more than 55 countries.[1] Industry coverage describes EPAM as a provider of digital engineering and product development services, with growing demand for its cloud and artificial intelligence–related offerings.[5]

History

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1993–2011: Inception, dot-com crisis, and restructuring

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EPAM Systems was founded in 1993 in the United States.[2] Arkadiy Dobkin, a Belarusian-born software engineer who had emigrated two years earlier, was driven by the idea of building a software company that would bridge Eastern Europe’s engineering talent with client engagement in the United States.[6] He persuaded his former high school classmate, Leo Lozner to join him as a co-founder.[7] The company began as a cross-border startup, operating from Dobkin’s apartment in New Jersey, United States, while its first engineering team worked from the basement of the apartment building where Lozner lived in Minsk, Belarus.[8] The model combined client engagement in the United States with engineering teams in Eastern Europe. The name “EPAM” is derived from Effective Programming for America.[9]

During the 1990s, EPAM focused on enterprise-level custom software development and product engineering services.[10] By the end of the decade, the company began working with large multinational technology companies, including SAP, on core product engineering initiatives.[11][12] The work contributed to EPAM’s positioning as an engineering-led services provider, with teams operating as long-term product development partners rather than as traditional outsourcing vendors.[7]

The dot-com collapse of the early 2000s exposed the company’s reliance on a limited number of large clients. In response, EPAM diversified its client base while maintaining a focus on complex software product engineering for technology and product companies across enterprise domains, including customer relationship management (CRM), enterprise resource planning (ERP), and data analytics.[6]

In the mid- to late 2000s, EPAM expanded geographically by opening additional delivery centers and completing selective acquisitions in Europe and North America.[10] A significant portion of its engineering teams remained concentrated in Eastern and Central Europe. Despite the global financial crisis of 2008–2009, the company continued to grow, supported by its focus on product engineering services and distributed delivery model.[6]

By 2011, EPAM employed approximately 7,000 people worldwide and reported revenue growth of approximately 48 percent in 2010 and approximately 51 percent in 2011, positioning the company for its initial public offering in 2012.[10]

2012–2022: IPO and global expansion

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In February 2012, EPAM Systems completed its initial public offering on the New York Stock Exchange under the ticker EPAM, becoming a publicly traded provider of information technology services.[13]

Between 2012 and 2022, the company expanded its geographic footprint and service portfolio.[14] EPAM strengthened its capabilities in digital engineering, enterprise platforms, cloud services, and consulting, while broadening its client base beyond the technology sector to include multiple industries and large global enterprises.[15][16]

By the mid-2010s, EPAM received recognition from industry analysts for its role in the development of the digital platform and product engineering services market.[17] In 2016, the company was named the sole Leader in The Forrester Wave: Digital Platform Engineering Services (Q2 2016).[18]

During this period, EPAM continued developing internally built operational platforms to support its distributed delivery model. The system, known as TelescopeAI, originated in the early 2000s as an internal workforce coordination tool. It later evolved into an artificial intelligence-based platform for IT operations and workforce management, including staffing, skills tracking, project performance monitoring, and employee lifecycle support.[19] A Forrester study later noted that EPAM’s use of structured skills data predated broader market adoption of skills-based organizations before the term existed.[20]

Throughout the 2010s, EPAM appeared on Forbes’ 25 Fastest-Growing Public Tech Companies list and, from 2019 to 2021, was the only IT services firm included for three consecutive years in Fortune’s 100 Fastest-Growing Companies ranking.[21][22][23][24] For fiscal year 2021, EPAM reported annual revenues of approximately $3.76 billion, reflecting year-over-year growth of more than 40 percent.[25] In December 2021, EPAM was added to the S&P 500.[4] During the same year, its market capitalization peaked at approximately US$39.6 billion.[26]

In 2022, EPAM faced significant geopolitical disruption following Russia’s invasion of Ukraine.[27][28] The company exited the Russian market, relocated employees from affected regions, and accelerated the geographic diversification of its delivery operations. During this period, EPAM expanded delivery capacity across Central and Eastern Europe, India, Latin America, and North America, while reducing geographic concentration.[9][29][30]

2023–present: Strategic shifts

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From 2023 onward, EPAM increasingly emphasized artificial intelligence as its strategic priority, in response to evolving market demand and the broader adoption of AI-enabled technologies across enterprise environments. During this period, the company expanded its AI and cloud-related capabilities.[31]<[5][32]

EPAM continued to reduce its geographic concentration in Eastern Europe by further diversifying its delivery footprint through acquisitions and talent expansion in other regions. By 2025, the company employed approximately 62,850 people across more than 55 countries.[1]

Effective September 1, 2025, Balázs Fejes was named Chief Executive Officer and President and joined EPAM's Board of Directors. The company's Board also appointed Arkadiy Dobkin as Executive Chairman, while he continued in his role as Chair of the Board.[5]

EPAM Systems – Revenue and Number of Employees
Year Revenue (US$ billions) Number of employees
2012 0.434 10,043[10]
2013 0.555 11,056[33]
2014 0.730 14,109[34]
2015 0.914 18,354[35]
2016 1.160 22,383[36]
2017 1.450 25,962[37]
2018 1.843 30,156[38]
2019 2.294 36,739[39]
2020 2.660 41,168[40]
2021 3.758 58,824[25]
2022 4.825 59,300[14]
2023 4.691 53,150[41]
2024 4.728 61,200[2]
2025 5.450 62,850[1]

Growth & M&A strategy

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EPAM Systems has primarily grown through organic expansion, supported by long-term client relationships, diversified service offerings and the scaling of its global delivery model.[2] In parallel, the company has pursued selective, typically small to mid-sized acquisitions aimed at extending its service portfolio, geographic presence, and industry-specific expertise.[42][43][7]

Between 2012 and 2022, EPAM’s annual revenue increased from US$433.8 million in 2012 to US$4.825 billion in 2022.[10][14] In 2021, the company reported revenues of US$3.758 billion, representing year-over-year growth of more than 40 percent. The majority of this growth was organic, with approximately 4.3 percent attributable to acquired businesses.[25]

Employees and offices

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As of the end of 2025, EPAM Systems employed approximately 62,850 people worldwide and operated engineering and consulting centers in more than 55 countries.[1] Major employee hubs include India, Ukraine, Poland, Belarus, Mexico, Hungary, and the United States, in addition to offices across Europe, Latin America, and the Asia-Pacific region. The company combines on-site client engagement with nearshore and offshore delivery centers as part of its global operating model.[2] In 2025, EPAM was ranked #7 among Best Led Companies and #3 among Best Tech Employers.[44]

Corporate social responsibility

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EPAM Systems operates education and workforce development initiatives focused on software engineering and digital technologies.[45] Through programs such as EPAM Campus, the company provides technical training, reskilling opportunities, and early-career education for students and entry-level professionals.[46]

The company also collaborates with universities and technical institutes across Europe, Asia, and Latin America on trainings and academic programs related to software engineering and computer science.[47]

In 2022, EPAM participated in several higher-education initiatives. In Lithuania, the company supported the creation of a software engineering faculty at the European Humanities University (EHU), including the launch of the School of Digital Engineering at its Vilnius campus; the partnership was later concluded.[48] In Uzbekistan, EPAM co-founded IT Park University (ITPU) in Tashkent in partnership with IT Park under the Ministry of Digital Technologies of the Republic of Uzbekistan.[49] In Ukraine, the company was among the founding partners of the American University of Kyiv (AUK), where it launched the EPAM School of Digital Technologies focused on applied software engineering.[50]

The company has also participated in technology-related social initiatives. In Ukraine, EPAM engineers contributed to the development of Diia, a national digital government platform that provides access to public services.[51]

Impact of the Russian invasion of Ukraine (2022)

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At the beginning of 2022, EPAM Systems employed approximately 14,000 people in Ukraine, representing a substantial portion of its engineering workforce.[27] Following Russia’s invasion of Ukraine on 24 February 2022, the company implemented employee support and relocation measures for affected staff and their families.[52]

During the initial phase of the invasion, EPAM faced internal and external criticism regarding a public statement by its founder and then CEO, Arkadiy Dobkin, which did not explicitly identify Russia as the aggressor. Dobkin later stated that the wording reflected concerns for the safety of employees located in Russia and Belarus and the company’s responsibility toward its workforce across the region.[53]

In April 2022, EPAM announced its exit from the Russian market.[54] During this period, the company established the EPAM Ukraine Assistance Fund and committed approximately US$100 million in financial and humanitarian support.[55][56] It also provided technical equipment, including satellite communication systems Starlink, facilitated the relocation of thousands of employees from affected regions, and expanded delivery capacity in other geographic areas.[57]

References

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  1. ^ a b c d e "EPAM Systems, Inc. — Exhibit 99: Q4 2025 Earnings Press Release". U.S. Securities and Exchange Commission. U.S. Securities and Exchange Commission. 31 December 2025. Retrieved 18 February 2026.
  2. ^ a b c d e "EPAM Systems, Inc. Form 10-K for the fiscal year ended December 31, 2024". U.S. Securities and Exchange Commission. Retrieved 22 February 2026.
  3. ^ "EPAM Systems, Inc. successfully listed on the New York Stock Exchange" (PDF). sigulerguff.com. Archived from the original (PDF) on 2021-09-29. Retrieved 2019-11-28.
  4. ^ a b "EPAM Systems Set to Join S&P 500". S&P Global. S&P Dow Jones Indices. 7 December 2021. Retrieved 10 March 2026.
  5. ^ a b c "Software provider EPAM lifts annual forecasts on AI-driven demand". Reuters. Reuters. 7 August 2025. Retrieved 10 March 2026.
  6. ^ a b c "EPAM: The $31 Billion Market-Cap Software Sleeper Few Know". Forbes (Video). Forbes. Retrieved 22 August 2025.
  7. ^ a b c Hancock, Jason (November 2023). "Maintaining the Start-Up Spark at a 55,000-Employee Company: An Interview with Arkadiy Dobkin". Spencer Stuart — Research & Insight. Spencer Stuart. Retrieved 22 February 2026.
  8. ^ Lozner, Leonid (2017). "Леонид Лознер: о волонтёрстве в EPAM, идеологии предпринимательства и о том, почему не эмигрировал". ProBusiness (in Russian). Retrieved 22 February 2026.
  9. ^ a b "Porträt des IT-Unternehmers Arkadiy Dobkin" [Portrait of IT entrepreneur Arkadiy Dobkin] (in German). Der Spiegel. Retrieved 22 February 2026.
  10. ^ a b c d e "EPAM Systems, Inc. Form 10-K for the fiscal year ended December 31, 2012". U.S. Securities and Exchange Commission. Retrieved 22 February 2026.
  11. ^ "Arkadiy Dobkin o novoy tseli EPAM, idealnykh sotrudnikakh i energii osnovatelya" (in Russian). ProBusiness. Retrieved 22 February 2026.
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  14. ^ a b c "EPAM Systems, Inc. Form 10-K for the fiscal year ended December 31, 2022". U.S. Securities and Exchange Commission. Retrieved 22 February 2026.
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  17. ^ Global Tech Services Industry Update (June 23–July 7, 2025) (Industry research report). Citigroup Global Markets. July 2025. The report classifies EPAM within the "Next-Gen / Digital IT Services" peer group and identifies it as the largest provider in that category. Access is subscription-based.
  18. ^ The Forrester Wave™: Digital Platform Engineering Services, Q2 2016 (Report). Forrester Research. 22 April 2016. Retrieved 21 August 2025. Evaluates seven digital platform engineering services providers, including EPAM Systems; summary is public, full report requires subscription.
  19. ^ "Платформа EPAM на базе искусственного интеллекта получила награду BIG Innovation Award 2019". dev.by (in Russian). 15 February 2019. Retrieved 10 March 2026.
  20. ^ Case Study: EPAM’s Early Adoption of Skills Data Predated the Market (Report). Forrester Research. Retrieved 22 February 2026.
  21. ^ "25 Fastest-Growing Public Tech Companies". Forbes. Forbes Media LLC. Retrieved 22 February 2026.
  22. ^ "100 Fastest-Growing Companies". Fortune. Retrieved 2019-11-28.
  23. ^ "100 Fastest-Growing Companies". Fortune. Retrieved 2020-11-11.
  24. ^ "100 Fastest-Growing Companies". Fortune. Retrieved 2022-01-26.
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  32. ^ "CEO Outlook 2026". CRN. The Channel Company. 2026. Retrieved 22 February 2026.
  33. ^ "EPAM Systems, Inc. Form 10-K for the fiscal year ended December 31, 2013". U.S. Securities and Exchange Commission. Retrieved 22 February 2026.
  34. ^ "EPAM Systems, Inc. Form 10-K for the fiscal year ended December 31, 2014". U.S. Securities and Exchange Commission. Retrieved 22 February 2026.
  35. ^ "EPAM Systems, Inc. Form 10-K for the fiscal year ended December 31, 2015". U.S. Securities and Exchange Commission. Retrieved 22 February 2026.
  36. ^ "EPAM Systems, Inc. Form 10-K for the fiscal year ended December 31, 2016". U.S. Securities and Exchange Commission. Retrieved 22 February 2026.
  37. ^ "EPAM Systems, Inc. Form 10-K for the fiscal year ended December 31, 2017". U.S. Securities and Exchange Commission. Retrieved 22 February 2026.
  38. ^ "EPAM Systems, Inc. Form 10-K for the fiscal year ended December 31, 2018". U.S. Securities and Exchange Commission. Retrieved 22 February 2026.
  39. ^ "EPAM Systems, Inc. Form 10-K for the fiscal year ended December 31, 2019". U.S. Securities and Exchange Commission. Retrieved 22 February 2026.
  40. ^ "EPAM Systems, Inc. Form 10-K for the fiscal year ended December 31, 2020". U.S. Securities and Exchange Commission. Retrieved 22 February 2026.
  41. ^ "EPAM Systems, Inc. Form 10-K for the fiscal year ended December 31, 2023". U.S. Securities and Exchange Commission. Retrieved 22 February 2026.
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  43. ^ "EPAM to acquire First Derivative in $1.4 billion deal". Reuters. 28 October 2021. Retrieved 18 February 2026.
  44. ^ "Glassdoor's Best-Led Companies 2025". Glassdoor. Glassdoor, Inc. Retrieved 30 November 2025.
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  46. ^ "EPAM University becomes EPAM Campus as part of rebranding". Mezha. 17 May 2024. Retrieved 22 February 2026.
  47. ^ "Providing Skills Training Helps Central and Eastern Europe's Unemployed Youth". 3BL Media. Retrieved 22 February 2026.
  48. ^ "EPAM раптоўна выйшаў з праграмы падрыхтоўкі айцішнікаў у ЕГУ". dev.by (in Belarusian). 14 April 2024. Retrieved 10 March 2026.
  49. ^ "ITPU presents a new university concept". IT Park Uzbekistan. Retrieved 22 February 2026.
  50. ^ "EPAM спільно з Американським університетом Києва (AUK) у липні запускають чотири навчальні програми з ІТ". dev.ua (in Ukrainian). 6 June 2024. Retrieved 10 March 2026.
  51. ^ "EPAM Delivers Large-Scale Digital Transformation for Ukrstat: From Strategy Development to AI-Enhanced stat.gov.ua Portal Launch". American Chamber of Commerce in Ukraine. 27 November 2025. Retrieved 10 March 2026.
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  56. ^ Сапитон, Михаил (8 April 2022). "EPAM полностью уходит из России и запускает фонд помощи украинцам – письмо основателя компании". Forbes.ua (in Russian). Retrieved 18 February 2026.
  57. ^ Martin, Iain (3 March 2022). "Ukraine War Divides Employees At American Tech Company That Straddles The Front Lines". Forbes. Forbes Media LLC. Retrieved 18 February 2026.
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