EPAM Systems Buys Two

EPAM Systems, a provider of software development outsourcing in Eastern Europe and Russia, has acquired B2Bits Corp., a provider of software and consulting services to capital markets organizations within the financial services sector. No financial terms were disclosed. There also is a report that EPAM has agreed to buy Kazakhstan-based software development firm Plusmicro in an all-stock deal. EPAM raised $25 million in funding from Siguler Guff & Co. in 2006.

PRESS RELEASE

EPAM Systems, Inc., the leading global software outsourcing services company with over 4,000 engineering staff across Eastern Europe, announces the acquisition of B2BITS Corp., a provider of solutions and consulting services to Capital Markets organizations within the financial services sector. B2BITS has been delivering pre-built solutions, customizable frameworks, specialized testing tools as well as process consulting for Client Connectivity, FIX, FX, Options, Fixed Income, market data feeds, exchange gateways and electronic payment services since 2000.

This acquisition combines the sector leading domain expertise of B2BITS, their renowned high-performance products and EPAM's highly scalable and cost efficient development groups of 600+ software engineers developing, maintaining and supporting mission critical applications for Financial Services clients. EPAM now covers the entire value chain from domain knowledge and process consulting through customized high-performance architecture as well as development, testing and 24/7 support. Mark Bisker, CEO of B2BITS Corp. and industry veteran with over 25 years experience of leading technology development organizations at such companies as Schwab Capital Markets and Lava Trading heads EPAM's new Competency Center.

Competency Center consultants will be located in all major financial centers across the US and Europe, while production and support teams will be tightly linked into EPAM's distributed development organization in Eastern Europe to combine cost efficiency with domain knowledge and strict SLAs.

“The management and consulting teams from B2BITS significantly enhance EPAM's expertise and capabilities in this important market segment. This underscores EPAM's focus and commitment to enhance our offerings beyond traditional custom development and support services, and become a key partner of the Capital Markets industry for providing true full service and delivering high-value systems,” noted Arkadiy Dobkin, CEO and President of EPAM Systems.

“By leveraging the scale and experience of the most disciplined and efficient software engineering organization in the region, we can now better leverage our domain knowledge and consulting skills for the Capital Markets on a larger, more predictable and scalable level than previously, equally benefitting our current and future clients. We can now more rapidly broaden our domain expertise and enhance our pre-built solutions and platforms to further extend our unbeatable value proposition,” said Mark Bisker, CEO and President of B2BITS Corp.


About B2BITS

Founded in 2000, B2BITS offers consulting and development services as well as proven performance leading technology for FIX products, exchange adapters, trading software, and other financial messaging protocols for large and small brokers and hedge funds.

In 2000, B2BITS revolutionized the Financial Information Exchange (FIX) protocol sector when it released an open source version of its first FIX engine. In 2005, B2BITS became one of only four official certification vendors endorsed by FIX Protocol Ltd., the official FIX standard setting organization.

Over the years, B2BITS has developed or licensed solutions and provided consultancy to many leading organizations in the Financial sector, including, JP Morgan, Merrill Lynch, Citigroup, SunGard, and ABN AMRO.
www.b2bits.com


About EPAM Systems

New-Jersey based EPAM Systems is independently recognized as the leading global provider of software development outsourcing services from Russia, Hungary, Belarus, and Ukraine. EPAM harnesses the largest resource pool in Central and Eastern Europe, combined with the strongest onsite management and delivery capabilities in North America and Europe.