US-listed Central and Eastern European IT services firm EPAM Systems delivered Q2 revenues of $174.7m, up 31.2% yr/yr, 9% sequentially. The company now employs over 10,000 people.
“I am very pleased to report another very solid quarter, despite all the geo-political turmoil in Eastern Europe over the last six months. Our strong focus on the high growth portion of global software services market and continued delivery of high quality solutions to our clients allowed us to over-perform the original organic forecast as well as the general market.” said Arkadiy Dobkin (below), CEO and President of EPAM. “Combined with several relatively small but important acquisitions our top-line grew over 30% this quarter setting a good base for achieving our annual and longer-term strategic goals.”
For the full year 2014, based on current conditions and including the impact of all acquisitions, EPAM expects year-over-year revenue growth to be 28% to 30%. Non-GAAP net income growth for 2014 is expected to be in the range of 26% to 28% year-over-year.