10 May 2023 17:26

EPAM receives approvals from Russian authorities to sell assets in country

MOSCOW. May 10 (Interfax) - Software Developer EPAM Systems Inc. has received all the necessary approvals from the Russian government to sell its Russian assets, according to the company's Q1 report.

It is specified that the approvals were received after March 31.

EPAM in September 2022 signed an agreement to sell almost all of its assets in Russia to a third party. With whom the agreements had been reached, the company did not specify. However, the deal never took place, and the agreement expired.

In April 2023, the company renegotiated the sale agreement. The timing of the deal is subject to the customary conditions, including U.S. regulatory approval, the report notes.

At the beginning of April 2022, EPAM announced its intention to cease operations in Russia amid the military operation in Ukraine.

EPAM Systems Inc. was founded in 1993 and is a developer of custom software for various sectors of the economy. The company has offices in 25 countries.