EPAM Systems Recognized For Industry Leadership & Rapid Growth

Press Release:

EPAM's West Group implementation selected by Aberdeen Group to represent best practices in offshore software outsourcing

Princeton, NJ — September 10, 2002 — EPAM Systems, Inc., a US offshore software services supplier with development facilities in Russia, received a series of industry accolades this month for its superior service and growth. In a new report published by the Aberdeen Group, a leading marketing analysis firm, EPAM was highlighted for "Best Practices in Offshore Outsourcing." Also, the company was ranked one of the fasting growing companies in its region by Deloitte and Touch in the New Jersey "Fast 50" report. As a result of its rapid growth and market leadership, the company was featured on the cover of September's Consulting Magazine and profiled in last week's issue of Information Week.

"We are proud to be recognized as one of the best offshore IT service providers," said Arkadiy Dobkin, President of EPAM Systems. "This kind of industry acknowledgement points to a significant accomplishment in the growth of our company. The West Group case is an excellent example of how the outsourcing model works in large, complex application development projects where quality, speed and value are required. This is the kind of excellence upon which we've built EPAM Systems and we expect to continue to be a model company for the industry."

Aberdeen Group — "Best Practices in Offshore Outsourcing"


The Aberdeen Group, a leading marketing analysis and positioning services firm, selected EPAM Systems, along with 14 other service providers, for its implementation of a complex ecommerce website for Minneapolis-based West Group, part of the Thomson Corporation. The site was built from the ground up using proven server, search, e-commerce, collaboration, and customer self-service technology to create an exceptional customer experience.

"We found in the report that the number of Web development and other complex application initiatives being outsourced offshore is rapidly increasing," explained Stephen Lane from the Aberdeen Group. "Although these projects are based on the same fundamental principles of software development, there are multiple complexities and challenges in offshore software development. EPAM mastered many of these challenges in the West Group project, proving to the industry that these hurdles can be overcome, given the right combination of planning, collaborative processes, and technical and project management skills."

The full report is available at www.aberdeen.com.


Deloitte & Touche Fast 50

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).

The company'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.

For more information on the Deloitte & Touche Fast 50 or Fast 500 programs, visit www.fast500.com.


Consulting Magazine


EPAM Founder Akadiy Dobkin was featured on the cover of the September Issue of Consulting Magazine. The article profiles Dobkin's exceptional story in how he founded and formed EPAM Systems.

Please see: http://www.consultingmag.com/CM_Archive/CMArch_Aug02.html.


Information Week


EPAM leads a recent trend story illustrating how world events drive change in offshore outsourcing. The article profiles, Fubu, a New York-based clothing manufacturer and how it chose to use the offshore business model to accomplish more, pay less and maintain technical integrity.


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

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