EPAM Acquires Odysseus -- to transform the Life Sciences Value Chain with Advanced Analytics, Data Methods and AI

Rhea-AI Summary

EPAM Systems, a digital transformation and product engineering leader, announced the acquisition of Odysseus Data Services. Odysseus specializes in health data analytics, focusing on Real-World Evidence and Real-World Data. This acquisition aims to enhance EPAM's capabilities in the life sciences sector through advanced analytics, AI, and data methods. Gregory Klebanov, CEO of Odysseus, emphasized the synergy between the two companies, highlighting EPAM's expertise in AI and cloud infrastructure. The collaboration is expected to improve life sciences research, clinical studies, and post-market surveillance.

AI-generated analysis. Not financial advice.

Positive

• EPAM's acquisition of Odysseus enhances its capabilities in the life sciences sector through advanced analytics and AI.
• Odysseus brings expertise in health data analytics, focusing on Real-World Evidence and Real-World Data.
• The acquisition is expected to improve life sciences research, clinical studies, and post-market surveillance.
• EPAM's strong foundation in AI, machine learning, data analytics, and cloud infrastructure complements Odysseus's healthcare data analytics expertise.
• Potential for better outcomes in drug treatment, drug safety, efficacy, epidemiological research, provider support, quality measurements, and cost reduction.

Negative

• The financial terms of the acquisition were not disclosed, raising uncertainty about the immediate financial impact.
• Integration risks associated with merging Odysseus's processes and systems with EPAM's existing operations.

News Market Reaction – EPAM

-1.16%

1 alert

-1.16% News Effect

On the day this news was published, EPAM declined 1.16%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Improving life sciences research, clinical studies and post-market surveillance powered by data and AI

NEWTOWN, Pa., June 13, 2024 /PRNewswire/ -- EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, today announced its acquisition of Odysseus Data Services, Inc., a top health data analytics company. Odysseus will expand EPAM's ability to transform the life sciences value chain through advanced data analytics, data methods and artificial intelligence (AI).

"We are pleased to have Odysseus join EPAM. With their strong capabilities in Real-World Evidence and Real-World Data — the 'glue' between multiple segments of the life sciences value chain — our natural synergies make this an exciting time to add this to our portfolio to help our clients achieve better outcomes," said Greg Killian, Senior Vice President of Life Sciences at EPAM. "We see the next wave of innovation based on standardized data powering AI and GenAI to improve life sciences research, clinical studies and post-market surveillance. Based on the combined strengths of EPAM and Odysseus, we are well positioned to lead that innovation."

Headquartered in Cambridge, Massachusetts, Odysseus generates healthcare data insights and evidence for clients through skilled data science and analytics, software engineering and data management and ontology and vocabulary management. The company's focus on a standardized and systematic approach to healthcare data analytics is the foundation for a better understanding of the inner workings of healthcare interventions in drug treatment, drug safety and efficacy, epidemiological research, provider support, quality measurements and cost reduction. Odysseus is an active member of the Observational Health Data Sciences and Informatics" (OHDSI) collaborative and is intimately involved in the open standards and open science community through participation in research and development, including OMOP CDM, open source tools and methods.

"We're excited to join the EPAM family," said Gregory Klebanov, CEO of Odysseus. "With EPAM's strong foundation in AI, machine learning, data analytics and data management and cloud infrastructure combined with our healthcare data analytics and Real World Evidence expertise, we can address the whole life sciences value chain more comprehensively."

To learn more about how EPAM delivers value across the entire spectrum of care with patient-centered solutions, visit www.epam.com/industries/life-sciences-and-healthcare. 

ABOUT EPAM SYSTEMS 
Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has used its software engineering expertise to become a leading global provider of digital engineering, cloud and AI-enabled transformation services, as well as a leading business and experience consulting partner for global enterprises and ambitious startups. We address our clients' transformation challenges by fusing EPAM Continuum's integrated strategy, experience and technology consulting with our 30+ years of engineering execution to speed our clients' time to market and drive greater value from their innovations and digital investments.

We deliver globally, but engage locally with our expert teams of consultants, architects, designers and engineers, making the future real for our clients, our partners and our people around the world.

We believe the right solutions are the ones that improve people's lives and fuel competitive advantage for our clients across diverse industries. Our thinking comes to life in the experiences, products and platforms we design and bring to market.

Added to the S&P 500 and the Forbes Global 2000 in 2021 and recognized by Glassdoor as a Best Workplace in 2023 and 2024, our multidisciplinary teams serve customers across six continents. We are proud to be among the top 15 companies in Information Technology Services in the Fortune 1000 and to be recognized as a leader in the IDC MarketScapes for Worldwide Experience Build Services, Worldwide Experience Design Services and Worldwide Software Engineering Services as well as a leader in the 2023 Gartner^® Magic Quadrant^™ for Custom Software Development Services, Worldwide.^*

Learn more at www.epam.com and follow us on LinkedIn.

*Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. 

Forward-Looking Statements
This press release includes estimates and statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our business and operations. These statements may include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. Those future events and trends may relate to, among other things, developments relating to the war in Ukraine and escalation of the war in the surrounding region, political and civil unrest or military action in the geographies where we conduct business and operate, difficult conditions in global capital markets, foreign exchange markets and the broader economy, and the effect that these events may have on customer demand and our revenues, operations, access to capital, and profitability. Other factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the risk factors discussed in the Company's most recent Annual Report on Form 10-K and the factors discussed in the Company's Quarterly Reports on Form 10-Q, particularly under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" and other filings with the Securities and Exchange Commission. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made based on information currently available to us. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

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SOURCE EPAM Systems, Inc.

FAQ

What company did EPAM acquire in June 2024?

EPAM acquired Odysseus Data Services in June 2024.

How will EPAM's acquisition of Odysseus impact the life sciences sector?

The acquisition is expected to improve life sciences research, clinical studies, and post-market surveillance through advanced analytics and AI.

What expertise does Odysseus bring to EPAM?

Odysseus brings expertise in health data analytics, focusing on Real-World Evidence and Real-World Data.

What are the strengths of EPAM that Odysseus will leverage?

Odysseus will leverage EPAM's strong foundation in AI, machine learning, data analytics, and cloud infrastructure.

What are the potential benefits of EPAM's acquisition of Odysseus?

Potential benefits include improved outcomes in drug treatment, drug safety, efficacy, epidemiological research, provider support, quality measurements, and cost reduction.