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EPAM Systems, Inc. reports news on its global digital and AI transformation services business, including custom software, product and platform engineering, integrated consulting, and enterprise technology delivery. Company updates commonly cover quarterly results, revenue outlook, operating margins, earnings measures, and capital returns through share repurchases.
EPAM news also includes AI-native service initiatives, enterprise partnerships, ServiceNow development capabilities, Microsoft-aligned security services, and recognition in European IT sourcing studies. These developments reflect the company’s focus on engineering-led transformation work for large enterprises and other technology-driven clients.
EPAM Continuum, a division of EPAM Systems, has formed a strategic digital partnership with INEOS Automotive to launch the Grenadier, a new 4X4 vehicle. Under this collaboration, EPAM will manage the digital strategy and customer engagement for the vehicle's launch. This includes creating a comprehensive digital experience through a dedicated website and a vehicle configurator. The partnership aims to build excitement ahead of the Grenadier's launch in 2022, with a successful 'Reservation Day' event generating significant interest and exceeding target reservations.
EPAM Systems has announced the acquisition of Optiva Media to enhance its digital transformation capabilities in the media sector. This move aims to leverage Optiva's expertise in product development and digital services, allowing EPAM to offer comprehensive solutions for media and entertainment companies. With over 18 years of experience, Optiva Media has a solid track record, including launching the first European video-on-demand system. The acquisition strengthens EPAM's position in Western Europe and Latin America, providing a competitive edge in this rapidly evolving market.
EPAM Systems, Inc. (NYSE: EPAM) has been awarded the 2021 Acquia Engage Award for its collaboration with Mars, Incorporated, exemplifying excellence in digital transformation. This award recognizes high-impact digital experiences built using the Acquia Open Digital Experience Platform. EPAM and Mars created a 'starter kit' for all Mars brands, enabling a unified digital presence and enhancing user experiences. Key benefits include a 50% reduction in web development time and a 40% decrease in web maintenance costs, showcasing their commitment to delivering scalable digital solutions.
EPAM Systems has launched its new Digital Clinical Trials (DCT) platform, powered by Microsoft cloud services. This patient-centric solution aims to enhance the efficiency of hybrid clinical trials by streamlining patient recruitment, improving data integration, and boosting patient engagement. Key features include remote patient enrollment, an omnichannel communication system, and tools for real-time patient outcome updates. EPAM's initiative reflects a shift towards decentralized trials, making clinical studies more accessible and quicker.
EPAM Systems (NYSE: EPAM) has announced the acquisition of Emakina Group, a prominent digital agency based in Belgium, enhancing its digital experience practice. Emakina, with over 1,100 employees and a presence in 18 countries, provides services such as consulting, marketing, and data analytics. This acquisition is expected to strengthen EPAM's capabilities in strategy and creativity. Following the acquisition, EPAM will own 100% of Emakina after the squeeze-out period, set to conclude on November 30, 2021.
EPAM Systems reported strong Q3 2021 results with revenues reaching $988.5 million, a 51.6% year-over-year increase. GAAP income from operations rose 49.5% to $144.1 million, while non-GAAP income increased 45.7% to $179.6 million. Diluted EPS on a GAAP basis rose 27.5% to $1.95. The company also raised its full-year revenue growth outlook to at least 40%, expecting Q4 revenues between $1.075 billion and $1.085 billion. Cash reserves increased by 7.7% to $1,425.6 million as of September 30, 2021.
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EPAM Systems, Inc. (NYSE: EPAM) released its Consumer Banking Report 2021, analyzing how evolving consumer attitudes post-pandemic affect the banking industry. Surveying over 21,000 individuals across multiple regions including the U.S. and U.K., the report reveals trends like the unbundling of financial services, Gen Z's demand for financial education, and rising interest in cryptocurrencies. Key findings indicate that while traditional banks retain customers, there is a shift towards using multiple providers for diverse financial needs.
EPAM Systems, Inc. (NYSE: EPAM) will host a conference call on November 4, 2021, at 8:00 a.m. ET, to discuss its third quarter 2021 financial results. A news release with the results will be issued before the call. Investors can access the call via a webcast on the company's Investor Relations website or by dialing in. A replay will be available post-call. EPAM, established in 1993, specializes in software engineering, product development, and digital platform solutions across over 35 countries.