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EPAM Systems, Inc. Named One of New Jersey's Fastest Growing Technology Companies in Deloitte & Touche "Fast 50" Program

Press Release:

Attributes Award to 1,109% Percent Growth Over Five-Year Period

Princeton, NJ — August 15, 2002 — EPAM Systems, Inc. has been named to Deloitte & Touche's prestigious "Technology Fast 50" Program for New Jersey, a ranking of the 50 fastest growing technology companies in the area. Rankings are based on the percentage of growth in fiscal year revenues from 1997-2001 (five-year period).

EPAM Systems 's CEO Arkadiy Dobkin credits the emergence of the offshore software development business model and EPAM's premier position among Russia's technology outsourcers with the company's 1,109% percent revenue growth from 1997-2001. He said, "EPAM is pleased and proud to have its track record of success recognized by an organization like Delloite & Touche."

EPAM System's increase in revenues of 1,109% percent from 1997 to 2001 resulted in a 24th ranking overall in the Fast 50 for New Jersey. The average increase in revenues among companies who made the Fast 50 for this region was 794 percent.

To qualify for the Fast 50, companies must have had operating revenues of at least $50,000 in 1997 and $1,000,000 in 2001, must be public or private companies headquartered in New Jersey, and be "technology companies," defined as companies that own proprietary technology which contributes to a significant portion of the company's operating revenues or devotes a high percentage of effort to research and development of technology.

Winners of the 20 regional Technology Fast 50 programs in the United States and Canada are automatically entered in the Deloitte & Touche Technology Fast 500 program, which ranks North America's top 500 fastest growing technology companies. For more information on the Deloitte & Touche Fast 50 or Fast 500 programs, visit www.fast500.com.


About EPAM Systems

A leading provider of e-business, enterprise relationship management, content management solutions, and custom development services in software engineering, Eastern Europe’s EPAM delivers low-cost, high-quality software solutions globally using an onshore/offshore development model. Headquartered in Princeton, NJ, EPAM has its major development centers in Moscow, Russia and Minsk, Belarus.

EPAM's customer base includes such companies as Colgate-Palmolive, Halliburton, Verizon Communications, Samsung America, CareFirst BlueCross BlueShield, Bally of Switzerland and other. In the technology world EPAM provides services to such firms as SAP, Brio Software, ServiceWare, PTC, and others. More information about the company can be found at www.epam.com.

About Deloitte & Touche

Deloitte & Touche, one of the nation's leading professional services firms, provides assurance and advisory, tax, and management consulting services through nearly 30,000 people in more than 100 U.S. cities. The firm is dedicated to helping its clients and its people excel. Known as an employer of choice for innovative human resources programs, Deloitte & Touche has been recognized as one of the "100 Best Companies to Work For in America" by Fortune magazine for five consecutive years. Deloitte & Touche refers to Deloitte & Touche LLP and related entities. Deloitte & Touche is the US national practice of Deloitte Touche Tohmatsu. Deloitte Touche Tohmatsu is a Swiss Verein, and each of its national practices is a separate and independent legal entity. For more information, please visit Deloitte & Touche's web site at www.deloitte.com. For more information on the Technology Fast 50 and Fast 500 programs, please visit www.fast500.com


For further information, please contact: press@epam.com