Strategic Acquisition will Enhance
Capabilities in Capital Markets, Banking Operations and Asset
Servicing, Strengthening Client Offerings Globally
NEWTOWN,
Pa. and NEWRY, N.
Ireland, Oct. 7, 2024 /CNW/ -- EPAM Systems,
Inc. (NYSE: EPAM), a leading digital transformation services
and product engineering company, today announced its agreement to
acquire First Derivative, a Northern
Ireland-headquartered managed services and consulting
business for the capital markets industry with more than 1,800
employees worldwide and major delivery capability in the U.K.,
Ireland, North America and APAC.
EPAM will leverage First Derivative's strong industry experience
and brand to deliver a comprehensive set of AI-enabled end-to-end
capabilities to clients in banking, capital markets and other
financially regulated businesses across North America, Europe and APAC. Through the acquisition,
First Derivative will bring more than 100 new clients under the
EPAM umbrella, offering unmatched value and setting a new standard
for technology services in the financial services industry.
"We're pleased to expand our financial services portfolio and
diversify our global footprint in key regions with the addition of
First Derivative's deep expertise across capital markets, banking
operations and asset servicing," said Balazs Fejes, President of Global Business and
Chief Revenue Officer, EPAM. "The combination of EPAM's digital
technology and engineering heritage with First Derivative's
business services and packaged implementation software offerings,
bolstered by the transformative potential of Generative AI, will
establish valuable end-to-end capabilities for our clients. This
enables them to evolve and scale their digital ecosystems, gain
deeper data insights, enhance operations and drive innovation, all
while minimizing risks and maintaining regulatory compliance."
First Derivative specializes in delivering engineering,
technical and business services to help the world's leading
financial institutions, including the top 20 global banks, stay
compliant, reduce costs and enhance efficiency through tech
modernization. Through highly customizable, holistic and
easy-to-integrate solutions, clients are equipped to leverage the
power of data and AI to enhance decision making.
"EPAM's commitment to engineering excellence and its
transformational capabilities, including GenAI, will strengthen and
expand our ability to shape the future for clients, including the
world's largest investment banks," said David Collins, CEO, First Derivative. "As a top
employer for highly skilled engineers, analysts and consultants in
capital markets, we are excited to continue our momentum by joining
the EPAM team and extending our mission to help organizations
accelerate agility and remain competitive in an ever-evolving
landscape. Together, we are positioned to be the market leading
services provider with a highly differentiated capability,
combining strong domain expertise and the best in modern
technology. We will offer a full suite of end-to-end business and
technology services to the world's leading investment banks."
First Derivative is a division of FD Technologies plc, which is
listed on the Alternative Investment Market (AIM) of the London
Stock Exchange.
"For more than 25 years, First Derivative has helped the world's
largest global banks and financial services companies solve their
most pressing operational, data and technological challenges," said
Seamus Keating, CEO, FD Technologies
plc. "With its combination of domain knowledge and technical
expertise, we are proud of First Derivative's proven track record
and long-standing relationships with blue-chip financial
institutions and look forward to seeing its continued success."
To learn more about EPAM's growing financial services
capabilities, visit
www.epam.com/industries/financial-services.
Details Regarding Proposed Acquisition of First
Derivative
The acquisition is subject to customary closing conditions,
including the receipt of necessary regulatory clearances, and is
expected to close in the fourth quarter of 2024. Stone Key Partners
LLC served as the exclusive financial advisor and Faegre Drinker
served as the legal advisor to EPAM.
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,
and 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 make GenAI real with our AI LLM orchestration, testing and
engineering solutions, EPAM DIAL, EPAM EliteA™ and EPAM AI/RUN™,
respectively.
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 and Newsweek as a Top 100 Best Workplace,
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.
ABOUT FD TECHNOLOGIES
FD Technologies is a group of
data-driven businesses that unlock the value of insight, hindsight
and foresight to drive organisations forward. The Group comprises
KX, which provides software to accelerate AI-driven innovation and
First Derivative, providing consulting services which drive digital
transformation in financial services and capital markets. FD
Technologies operates from 13 locations across Europe, North
America and Asia Pacific,
and employs more than 2,400 people worldwide.
For further information, please visit www.fdtechnologies.com and
www.kx.com.
Forward-Looking Statement
This press release
includes certain 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.
Such 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, the closing of the Acquisition, which may not close
on the terms or timing anticipated, or at all, the satisfaction or
waiver of any conditions to the closing of the Acquisition, the
anticipated impacts or benefits of the Acquisition, 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 client 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 our most recent Annual Report on Form
10-K and the factors discussed in our 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 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.