VTB Capital closed a minority stake acquisition in EPAM Systems. Established in 1993, EPAM Systems, Inc. is a leading global software engineering and IT consulting provider with delivery centers throughout Central and Eastern Europe and headquarters in the USA. Over 90% of the company’s staff are based in Russia and Belorussia. EPAM Systems’ CEO is Arkadiy Dobkin, the largest shareholder is Russia Partners fund managed by Drew J. Guff.
Yuri Soloviev, Global CEO and President at VTB Capital, said: “Our investment in EPAM is another incremental step in executing the VTB Capital’s strategy to expand asset management business by investing in private companies. This transaction is further proof that Russia and the CIS have attractive investment sectors in addition to the traditional natural resources.”
Tim Demchenko, Global Head of Private Equity and Special Situations at VTB Capital, said: “EPAM Systems is one of most experienced market players and we see further significant growth potential to expand globally by leveraging resources in Russia/CIS. We are excited to work with the company’s CEO Arkadiy Dobkin, management and shareholders to contribute to EPAM’s growth.”
Arkadiy Dobkin, CEO at EPAM Systems, noted: "We are glad to see VTB Capital, one of the top investments banking businesses in CIS, among our shareholders. It proves that global IT services providers from Eastern Europe are gaining recognition among serious investors and reaffirms EPAM’s leadership in the segment."
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