Epam buys Chinese technology company
MOSCOW. May 6 (Interfax) - Russian software developer Epam Systems has acquired Joint Technology Development Limited, a Chinese company that provides strategic technology services to global investment banks and wealth and asset management companies, Epam said in a statement.
"This acquisition will help Epam both cover the needs of our Banking clients in growing markets, such as South East Asia, and significantly expand EPAM China, Hong Kong, and Singapore footprint to serve large global customers across all of the other EPAM verticals," Epam CEO and President Arkadiy Drobkin is quoted in the statement as saying. The company did not disclose the parameters of the deal.
Epam has been acquiring assets in various countries over the last two years. In 2014, Epam Systems acquired "virtually all assets and some liabilities" of U.S. IT services provider Netsoft Holdings, which focuses mainly on healthcare solutions, Epam materials show.
This is not Epam's first deal to acquire foreign assets. Earlier, the Russian company acquired U.S. company Empathy Lab, which develops e-commerce, digital media and entertainment solutions, and Canada's Thoughtcorp, a software provider and IT consultant.
Epam Systems was established in 1993. It held an IPO on the New York Stock Exchange in February 2012, offering shares at $12 with a starting price range of $16-$18. Epam shareholders raised $48 million, the company itself raised $24 million and the free float was 15.3%.