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EPAM Named to Software Magazine's 23rd Annual Software 500

In Software Magazine's listing of the world's largest software companies EPAM is highlighted as one of the fastest growing companies in the $30 million to $100 million revenue range

Princeton, NJ — September 28, 2005 — EPAM Systems (, a leading provider of offshore software development services, today announced its inclusion on the Software 500, Software Magazine's list of the world's foremost software and services providers, published as an online catalog on

This year EPAM has advanced its rank to No. 312 (from No. 355 last year), with an 83% software services revenue growth achieved in 2004, which is a 40% increase compared to the results made in 2003. This impressive increase in revenues has allowed EPAM to be highlighted as the second fastest growing company in the $30 million to $100 million revenue range in the related feature article of Software Magazine.

"The overall health of the software and services industries has improved, with revenue for the 2005 software 500 at $383.3 billion worldwide for 2004, an increase of 16.5% over the previous year. The industry continues to be dynamic, with nearly 100 new companies on the 2005 Software 500 list," says John P. Desmond, editor of Software Magazine and

The Software 500 ranking of the world's largest software and services suppliers targets medium to large enterprises, their IT professionals, software developers and business managers involved in software and services purchasing. The list includes both private and public companies; 28% of the 2005 Software 500 companies are private. The Software 500 is searchable by primary business sector on, free to all site registrants. "The online Software 500 is a valuable resource for CIOs, senior IT managers and IT staff for researching their vendor partner options. It is a quick reference of vendor viability," Desmond says.

The ranking is based on total worldwide software and service revenue for 2004. This includes revenues from software licenses, maintenance and support, training and software-related services and consulting. Suppliers are not ranked on their total corporate revenue, since many have other lines of business, such as hardware.

"We are excited to be recognized among the world's most notable software and services providers for the second consecutive year," said Arkadiy Dobkin, EPAM CEO and President. "It is an honorable acknowledgement of EPAM's success and leadership in providing high-quality software outsourcing services to the reputable clients world over. It is also a weighty endorsement to our strategy".

About Software Magazine, The IT Software Journal, and

Software Magazine, The IT Software Journal, has been a brand name in the high tech industry for over 20 years., its Web counterpart, is the online catalog to enterprise software and the home of the Software 500 ranking of the world's largest software and services companies, now in its 23rd year. Software Magazine and are owned and operated by King Content Co.

About EPAM Systems

EPAM Systems is a global provider of software development outsourcing services. In January 2005 EPAM was named No.1 of "Top 5 to Watch in Central and Eastern Europe" and No.3 of "Top 10 Specialty Application Development Leaders" on the global Offshore 100 list by neoIT and CMP's Managing Offshore. Established in 1993 in Princeton, New Jersey, EPAM Systems has technology development centers in Russia, Belarus, and Hungary. EPAM solves complex business and technology problems using a delivery model that combines onsite presence (in US and EU) with Eastern European offshore and nearshore services.

EPAM's customer base includes Reuters, Samsung America, Colgate-Palmolive, Empire and CareFirst BlueCross BlueShield, London Stock Exchange, Halliburton, and British Telecom among others. In the technology world, EPAM provides services to firms such as SAP, Hyperion, BEA Systems, Microsoft, and others.

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