East European outsourcing player EPAM Systems has acquired US-based IT consultancy B2BITS Corp as it aims to boost its presence in the financial services sector. Although B2BITS has no direct presence in Europe, its CEO Mark Bisker will head up a new Capital Markets Competency Center division. Competency Center consultants will be located in all major financial centers across the US and Europe.
The new business unit is supposed to gain EPAM more face-to-face contact with prospective customers in a sector sometimes loath to outsource its IT, and then point them in the direction of its delivery centers in Russia, Hungary, Belarus, and Ukraine.
"The acquisition gives us more opportunities to perform front and middle office work which clients are normally quite reluctant to offshore," says EPAM CEO Arkadiy Dobkin. "EPAM has been careful in using targeted acquisitions to improve its service offering in specific areas."
"We are always on the look-out for the engineering talent specializing in particular domain knowledge [...] to address specific business needs of corporations in a selected vertical. Spreading the process consulting service with the focus on financial segment across EU is a part of our near-term plans," he adds.