Attributes 1,109% Percent Five-Year Growth Period to exploding offshore Russian IT Market
Princeton, NJ — October 15,2002 — EPAM Systems, Inc. today announced that it ranked Number 292 on the 2002 Deloitte & Touche Technology Fast 500, a ranking of the 500 fastest growing technology companies in North America. Rankings are based on percentage revenue growth over five years, from 1997-2001. EPAM Systems, Inc. grew 1,109% percent during this period. EPAM Systems' CEO, Arkadiy Dobkin credits the emergence of Russia as a premier Outsourcing market, the evolution of EPAM's services delivery model and very satisfied customers with the company's five-year, 1,109% growth rate. "We see our sustained growth as evidence of a maturing Russian IT Services market," said Dobkin. "More and more, our customers are turning to Russia to help create, sustain and deliver affordable IT services. We are proud to lead the way."
"With its ranking on the prestigious Deloitte & Touche Technology Fast 500, EPAM Systems' leaders have proven that they have the vision and the fortitude to excel in the highly competitive technology industry," said Mark A. Evans, managing director of Deloitte & Touche's Technology, Media & Telecommunications Group. "We congratulate EPAM on becoming one of the 500 fastest growing technology companies in the United States and Canada."
The Fast 500 list is compiled from three sources: Deloitte & Touche's 20 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. To qualify for the Fast 500, companies must have had 1997 operating revenues of at least $50,000 USD and $75,000 CD, for United States and Canada respectively, must be public or private companies headquartered in North America, and be "technology companies" defined as companies that own proprietary technology that contributes to a significant portion of the company's operating revenues or devote a high percentage of effort to research and development of technology.
Technology Fast 500 winners are invited to an exclusive CEO Summit held each spring. The CEO Summit, now in its fifth year, is designed to address the unique business challenges facing these super-charged technology companies.
About EPAM Systems
Established in 1993, EPAM is a leading provider of software development outsourcing services, e-business, enterprise relationship management, and content management solutions. EPAM delivers low-cost, high-quality software solutions globally using an onshore/offshore development model. Headquartered in Princeton, NJ, EPAM has 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/us. For more information on the Technology Fast 50 and Fast 500 programs, please visit www.fast500.com.
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