EPAM Systems

EPAM Systems Secures Equity Investment from Siguler Guff

Princeton, NJ, February 02, 2006 --(PR.com)-- EPAM Systems, Inc. (http://www.epam.com), the number one provider of software engineering outsourcing services in Central and Eastern Europe, announced today that Siguler Guff & Company has made a significant investment in EPAM equity. To fully leverage EPAM’s position as the largest, most experienced provider in the region, these additional funds will accelerate both organic and acquisition based expansion of EPAM’s delivery capacity in Eastern Europe as well as client facing consulting capabilities in US and EU.

EPAM CEO Arkadiy Dobkin said, “We chose Siguler Guff as our partner due to their unparalleled experience investing in the region and long history of venture investing in the US”.

"Siguler Guff is delighted to be working with the EPAM management team,” said Drew Guff, Managing Director of Siguler Guff, “their organic growth during the last 5 years put them in a regional leadership position at a critical juncture when Central and Eastern Europe has gained visibility, reputation and market share in the global services market. We hope to accelerate EPAM’s growth, fully capitalizing on opportunities for regional consolidation”.

About Siguler Guff
Siguler Guff is a leading private equity management firm with over $3 billion under management since inception. Siguler Guff’s diversified private equity business includes a leading private equity firm investing in Russia and other countries of the former Soviet Union. It has been making investments in the region since 1994, and currently has $350 million in investable capital.

For further information please contact: Thomas McGowan (212) 332-5126, thomasm@sigulerguff.com.

About EPAM Systems
EPAM Systems is a global provider of software engineering services. In January 2005 EPAM was named No.1 of "Top 5 to Watch in Central and Eastern Europe" (http://www.epam.com/aboutus-pr-01182005.htm) and No.3 of "Top 10 Specialty Application Development Leaders" categories on the global Offshore 100 list by neoIT and CMP's Managing Offshore. Founded in 1993, EPAM maintains North American headquarters in Princeton, NJ and European headquarters in Budapest, Hungary as well as support and delivery operations in UK and Germany. EPAM software development centers are located in Russia, Belarus, Ukraine and Hungary.

EPAM's customer base includes industry leaders such as Reuters, London Stock Exchange, Colgate-Palmolive, British Telecom, Empire and CareFirst BlueCross BlueShields and Halliburton and technology leaders such as SAP, Hyperion, BEA Systems and Microsoft.

For further information contact: press@epam.com.

EPAM Systems
Olga Babik
+375 17 2101662