EPAM Announced as Winner of New Jersey Technology Fast 50 Award

Press Release:

Breaking down obstacles and systematically defying the odds

Princeton, NJ — August 28, 2003
— EPAM Systems, Inc. is recognized as one of the fastest growing technology companies in the state of New Jersey and announced as a winner of the New Jersey Technology Fast 50 award. The program sponsored by Deloitte & Touche defines the fastest growing companies in a given geographic area with the ranking based on the percentage revenue growth over the 5 years from 1998 to 2002. Having experienced revenue growth of over 500% during this period, EPAM is recognized as a winner of the program for the 2nd year in a row.

Deloitte & Touche, one of the leading professional services firms, has held the program since 1995. Now there are Fast 50 programs in nine countries or international regions, plus 19 separate programs in the United States. Defining the program winners Deloitte & Touche officials say: "They are the companies that rally behind innovation. They break down obstacles and systematically defy the odds."

Arkadiy Dobkin, EPAM CEO, said "Making the Deloitte & Touche New Jersey Technology Fast 50 list for the second year in a row is a significant achievement for EPAM Systems. Especially if we take into account the current economic slowdown and the challenges facing the tech industry: stiff competition, economic uncertainty, and geopolitical instability. It gives us a reason to believe that despite the challenging environment our efforts to deliver high value services and solutions are paying off and are appreciated by our clients and leading analytical organizations".

Speaking about the factors which contributed most to the company growth Arkadiy Dobkin pointed out the right timing in the marketplace and the transparent on-site/onshore/offshore delivery model drawing on which EPAM was cited as a "trendsetter for the industry" by Aberdeen Group in one of its recent reports on offshore software development. "To sustain the high level of growth EPAM will continue to contain general and administrative costs while investing in marketing and sales to boost the top line. Another priority here is developing and bringing new products and services to the market through applying the most advanced technologies and diversifying for new industry verticals. We are also hiring intensely at the moment, so engaging employees into the company's vision along with developing leaders whom we can delegate responsibility will be as important for us to scale further", - added Arkadiy Dobkin, CEO of EPAM Systems.

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 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 80 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 six consecutive years. Deloitte & Touche refers to Deloitte & Touche LLP and its related entities. Deloitte & Touche is the U.S. 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.

www.deloitte.com/us

 

About EPAM Systems

Established in 1993, EPAM Systems is headquartered in Princeton, New Jersey with technology development centers in Moscow, Russia and Minsk, Belarus. EPAM is a leading provider of software development outsourcing services, e-business, enterprise relationship management, and content management solutions. EPAM solves complex business and technology problems using an on-site/onshore/offshore delivery model.

EPAM's customer base includes CareFirst BlueCross BlueShield, Reuters, SBLI USA Mutual Life Insurance Company, Colgate-Palmolive, Halliburton, Verizon Communications, Samsung America, Bally of Switzerland, among others. In the technology world, EPAM provides services to firms such as SAP, Brio Software, ServiceWare, Logic Library, and others.

www.epam.com


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