EPAM to sell Russian assets – News – Telecommunications – Kommersant
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The American IT company EPAM Systems has agreed to sell almost all of its assets in Russia, according to a financial statement. report EPAM for the third quarter of 2022. The agreement on the sale of Russian assets was signed by the company on September 7, information about the parties to the transaction was not disclosed by EPAM.
The document states that the company expects a 5% decrease in annual revenue due to the withdrawal from the Russian market. In connection with the curtailment of business in Russia, EPAM incurred expenses in the amount of $16.9 million for 9 months.
The American company sent over $38.5 million to support its employees in Ukraine. The loss from the impairment of Ukrainian assets in EPAM was estimated at $1.3 million.
EPAM Systems was founded in Minsk in 1993, but subsequently the EPAM headquarters was moved to the USA. Offices of the company engaged in the development of computer software are located in more than 40 countries around the world. In April the company announced about leaving Russia.
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