Here are 1-3 brief analogies for EPAM Systems:

• Accenture for high-end software engineering.
• A global IT consulting and software development firm, similar to Cognizant or Infosys.
• Like Capgemini or Wipro, but with a strong emphasis on digital product and platform engineering.

• Digital Strategy & Consulting: Guiding businesses through digital transformation initiatives with strategic planning, design thinking, and experience design.
• Product & Platform Engineering: Developing, modernizing, and scaling custom software products and enterprise platforms using advanced engineering practices.
• Cloud & Infrastructure Services: Assisting with cloud strategy, migration, architecture, and management to optimize infrastructure and operations.
• Data, Analytics & AI: Leveraging data science, big data engineering, and artificial intelligence/machine learning to derive insights and build intelligent solutions.
• DevOps & Automation: Implementing continuous integration, continuous delivery, and advanced automation to accelerate software development and deployment cycles.
• Cybersecurity Services: Providing consulting, engineering, and managed services to protect digital assets and ensure compliance across enterprise environments.

EPAM Systems (EPAM) is a global provider of digital transformation, software engineering, and consulting services. As such, it primarily sells its services to other companies (Business-to-Business, or B2B).

According to EPAM's latest public filings, specifically their Form 10-K for the fiscal year ended December 31, 2023, no single customer accounted for 10% or more of the company's consolidated revenues in 2023, 2022, or 2021. Due to this, EPAM is not required to, and therefore does not, publicly disclose the names of its individual major customer companies in its SEC filings.

While specific customer names are not publicly available, EPAM serves a broad and diverse client base across numerous industries globally. These industries represent the sectors where EPAM's major customers operate, giving insight into the types of companies it serves. Key industries include:

• Financial Services
• Software & Hi-Tech
• Life Sciences & Healthcare
• Retail & Distribution
• Travel & Hospitality
• Media & Entertainment
• Energy & Utilities
• Automotive & Manufacturing

These industry segments indicate that EPAM's major customers are large enterprises requiring complex technology solutions and digital transformation expertise within their respective fields.

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Balazs Fejes, Chief Executive Officer & President

Balazs Fejes became EPAM's Chief Executive Officer and President in September 2025. Prior to this role, he served as President of Global Business and Chief Revenue Officer. He also held positions as President of Europe and APAC Markets and Chief Technology Officer at EPAM. Earlier in his career, Mr. Fejes held senior technical leadership roles at Great Plains and Scala Business Solutions.

Arkadiy Dobkin, Executive Chairman

Arkadiy Dobkin is the Principal Founder and Executive Chairman of EPAM Systems. He co-founded EPAM in 1993 with Leo Lozner, starting his first private software company in Belarus before immigrating to the United States in 1991. Mr. Dobkin served as EPAM's CEO, President, and Chairman of the Board from its inception until September 2025. Under his leadership, EPAM grew from a startup into a global provider of digital transformation services, becoming a Forbes Global 2000 company and joining the S&P 500 index. Before dedicating his full attention to EPAM, he held technical and product leadership roles at SAP, Prudential Insurance, and Colgate-Palmolive. EPAM secured an equity investment from Siguler Guff in 2006 to support its growth plans.

Jason Peterson, Chief Financial Officer, SVP & Treasurer

Jason Peterson serves as EPAM's Chief Financial Officer, SVP, and Treasurer, a position he has held since joining the company in 2017. He leads the company's global finance, corporate development, and procurement organizations, bringing over 25 years of finance experience in the technology industry. Prior to EPAM, Mr. Peterson held multiple leadership roles at Cognizant Technology Solutions from 2008 to 2017, including financial planning and analysis, merger and acquisition diligence and integration, and financial process transformation. He also served as Chief Financial Officer for E&C Medical Intelligence, which was a venture-backed software and services company. His background also includes various accounting and finance roles at ATI Technologies, Philips Semiconductors, Silicon Graphics, and Hewlett-Packard.

Elaina Shekhter, Chief Marketing and Strategy Officer, SVP

Elaina Shekhter leads EPAM's global marketing and strategy functions. She has held various leadership roles within EPAM, including global head of business development and global head of the travel and consumer business unit. Before joining EPAM, Ms. Shekhter held leadership positions with Carlson Companies, including Head of Retail and Entertainment for 24K, a spin-off of Carlson Marketing Group. She also worked as a manager with EY Consulting, specializing in CRM and analytics. Ms. Shekhter is an advisory board member for the MACH Alliance and serves on the boards of Ben Franklin Technology Partners, Audigent, and Sigmaledger.

Victor Dvorkin, Head of Global Engineering, Cloud & Platforms, SVP

Victor Dvorkin joined EPAM in 1997 and has been instrumental in driving the company's growth in emerging industries. He currently serves as the Head of Global Engineering, Cloud & Platforms, SVP.

The key risks to EPAM Systems' business include geopolitical tensions, macroeconomic volatility, and technological disruption coupled with intense competition.

1. Geopolitical Tensions: EPAM Systems faces significant risks due to geopolitical tensions, particularly those related to the war in Ukraine and instability in surrounding regions. This has led to operational challenges, the need to support and relocate employees, and broader impacts on the company's business and profitability.
2. Macroeconomic Volatility and Global Economic Uncertainties: The company is significantly exposed to global economic uncertainties, including potential recessions and trade tensions. Such conditions can reduce enterprise technology spending and the demand for EPAM's services, thereby slowing down decision-making for new projects and impacting the company's growth trajectory.
3. Technological Disruption and Intense Competition: EPAM operates in a highly competitive environment and faces risks from rapid technological disruption, particularly in artificial intelligence (AI) and cloud sectors. Continuous adaptation and investment are required, and the success of AI-related projects in generating demand and improving pricing is crucial for the company's future prospects. Intense competition from hyperscalers could also limit EPAM's ability to secure and expand high-value transformation work.

The rapid advancement and adoption of artificial intelligence, particularly generative AI and AI-powered automation tools, in software development and IT operations. These technologies pose a clear emerging threat by potentially automating significant portions of tasks traditionally performed by human software engineers, quality assurance specialists, and IT professionals. This could lead to a reduction in the overall demand for human-led custom software development, digital platform engineering, and IT consulting services, thereby impacting EPAM's traditional revenue model which is largely based on billing for human expertise and hours. While EPAM is also leveraging AI in its offerings, the disruptive potential for clients to achieve development outcomes with fewer human resources is a fundamental challenge to the traditional IT services industry.

EPAM Systems (EPAM) operates within several large addressable markets, primarily focusing on IT consulting, software engineering, and digital transformation services.

The addressable markets for EPAM's main products and services are as follows:

• IT Consulting Services: The global IT consulting services market was valued at approximately USD 78.03 billion in 2025 and is projected to reach USD 93.73 billion by 2033, growing at a compound annual growth rate (CAGR) of 6.5% during this period. Another estimate places the global market at USD 74.05 billion in 2025, growing to USD 136.57 billion by 2033 with a CAGR of 6.4%. A different report indicates the global IT consulting services market size was USD 117.1 billion by the end of 2025 and is expected to reach USD 278.779 billion by 2033, growing at a CAGR of 11.452%. North America holds a significant portion of this market, accounting for 27.75% of the global market revenue in 2025, while Europe holds 22.60%. The broader IT Consulting Services Market size was valued at USD 561.8 Billion in 2024 and is projected to reach USD 906.47 Billion by 2032, growing at a CAGR of 7.4% during the forecast period 2026-2032.

• Digital Transformation Consulting Services: The global digital transformation consulting services market is estimated to reach USD 56.3 billion by the end of 2025 and is projected to grow to USD 131.628 billion by 2033, exhibiting a CAGR of 11.2%. Another source indicates a global market size of USD 60.31 billion in 2025, expanding to USD 207.64 billion by 2035 with a CAGR of 13.16%. In this segment, North America is a key region, holding 39.39% of the global market revenue in 2025. The overall global digital transformation market, which includes a wider range of solutions beyond just consulting, was valued at USD 809.12 billion in 2024 and is projected to reach USD 3,571.67 billion by 2033, with a CAGR of 16.01% from 2025-2033. Another report estimates the global digital transformation market size at USD 1.7 trillion in 2025, projected to reach USD 12.5 trillion by 2035, growing at a CAGR of 22.1% during 2026-2035. North America dominates the global digital transformation market with over 44.2% market share in 2024.
• Software Engineering and Development Services: The global software engineering market was valued at USD 142.1 billion in 2023 and is estimated to grow at a CAGR of over 6.5% between 2024 and 2032. Another projection for the global software engineering industry estimates a market size of USD 72.87 billion in 2025, growing to USD 205.44 billion by 2035 with a CAGR of 10.92%. Similarly, the global software development service market was valued at USD 499.25 billion in 2025 and is projected to expand to USD 1935.28 billion by 2035, driven by a CAGR of 14.51%. North America accounted for over 45% of the software engineering market share in 2023 and approximately 40% of the software development service market.

EPAM Systems (EPAM) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

1. Expansion in AI and AI-Native Solutions: A primary driver for EPAM is its strong focus on artificial intelligence, particularly AI-native services and digital transformation. The company is developing AI-led solutions and platforms, such as AI/RUN Transform and DIAL 3.0 GenAI, to help clients build AI infrastructure and transition into AI-Native businesses. Over 90% of its workforce has completed AI literacy education, underscoring its commitment to leveraging advanced AI technologies to generate new revenue streams.
2. Strategic Mergers and Acquisitions (M&A): EPAM has strategically utilized acquisitions to bolster its growth. Notable acquisitions in late 2024 included NEORIS for $630 million and First Derivative for $290 million. These moves are intended to provide inorganic growth, enhance global delivery capabilities (especially in Latin America), and strengthen EPAM's position within the financial services sector. A smaller acquisition was also completed in 2025 to add customer relationships.
3. Geographical Expansion and Enhanced Delivery Capacity: The company is actively pursuing geographical expansion, with a significant focus on India. EPAM aims to reach 10,000 employees in India by March 2025, establishing it as the company's second-largest global delivery center. This initiative is designed to increase delivery capacity and enhance service offerings in crucial areas like cloud, AI, and digital solutions.
4. Client Expansion and Deepening Engagements: EPAM is focused on expanding its client base and deepening existing engagements, particularly in specialized industries such as financial services. The company reported strong growth from clients outside its top 20, indicating a successful broader client acquisition strategy. By assisting clients in building robust AI foundations and evolving into AI-Native organizations, EPAM aims to secure more profound and extensive partnerships.
5. Improving Client Demand and Market Confidence: Following a period of macroeconomic caution, EPAM has observed encouraging signals of improving client demand in early 2025. The company has demonstrated a return to positive year-over-year organic constant currency growth for three consecutive quarters. Analyst upgrades and revised forecasts for 2025 reflect increasing confidence in EPAM's revenue momentum and its ability to capitalize on the accelerating digital transformation and AI adoption across industries.

Share Repurchases

• EPAM's Board of Directors authorized a new stock repurchase program of up to $1 billion of the Company's outstanding common stock on October 21, 2025, with a term of 24 months.
• During the second quarter of 2025, the Company repurchased 1.087 million shares for $194.9 million under its share repurchase program.
• In 2024, EPAM's annual share buybacks amounted to $398.028 million.

Share Issuance

• In 2021, EPAM issued 13 thousand shares of common stock to the sellers of S4N Holding, Inc. as part of the acquisition agreement, following the achievement of specific performance metrics.

Outbound Investments

• EPAM strategically acquires companies to enhance capabilities, industry expertise, and geographic presence.
• In October 2024, EPAM acquired First Derivative for $290 million, a provider of operational and technology consultancy solutions for capital markets.
• EPAM acquired Neoris in September 2024 for $630 million and unified its engineering, consulting, and AI-native services across Ibero-America under the EPAM NEORIS brand.
• In 2021, key acquisitions included Emakina Group (a digital agency), S4N (a software development firm in Latin America), CORE SE (IT strategy), Just-BI (SAP S/4HANA and data analytics), White-Hat Ltd. (cybersecurity), and PolSource (Salesforce Consulting Partner).

Capital Expenditures

• EPAM's capital expenditures were $111.5 million in 2021, $81.63 million in 2022, $28.42 million in 2023, and $32.15 million in 2024.
• Expected capital expenditures for 2025 are approximately $42.07 million.
• The primary focus of capital expenditures includes purchases of computer hardware, software, office equipment, and investments in office buildings and new businesses, alongside ongoing investments in its business and AI initiatives.