Press-releases

09th April 2008

On the 19th of February 2008 the Company through its subsidiary completed the acquisition of shares in New-Jersey based EPAM Systems, Inc. They are independently recognized as a leading global provider of software development outsourcing services. With offshore software development centers in Russia, Hungary, Belarus, and Ukraine, EPAM offers one of the largest resource pools in Central/Eastern Europe and Russia combined with the strongest onsite management and delivery capabilities in North America and Europe.

The total investment in EPAM is $17.8m which represents a stake below 10%. The objective of the company is to significantly increase its capitalization by providing increasing volume and scope of services to existing clients and by becoming partners of choice for new clients across the world including in the former Soviet Union.

In “The 2007 Global Outsourcing 100” EPAM was rated the top Central/Eastern European and Russian ITO service provider and was the only CEE/Russian IT outsourcer included in the Leaders category. EPAM is also the sole CEE/Russian IT outsourcing company listed on “The 2007 Top 50 Best Managed Outsourcing Vendors.” EPAM's customer base includes industry leaders such as Reuters, London Stock Exchange, Colgate-Palmolive, British Telecom, William Hill, Empire, CareFirst, BlueCross, BlueShield, Schlumberger, Halliburton and technology leaders such as SAP, BEA Systems, Microsoft and Oracle.

The Company considers this investment as a medium-term pre-IPO opportunity.

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