US-listed eastern European software giant EPAM has reported its Q4 revenues increased to a record $202.2m, up 28.3% year-over-year, and 4.9% sequentially; in constant currency, revenue was up 36.7% year over year and 9% sequentially. GAAP income from operations was $24.0m, an increase of 3.5% compared to $23.2,m in the fourth quarter of 2013, it says.
“2014 was another successful year of transforming EPAM from being a pure software engineering outsourcing firm into a solution provider with well-balanced capabilities ranging from digital strategy to managed services, and doing that while maintaining our traditionally strong focus on the engineering quality of our deliverables. We are glad to have achieved this transformation despite a number of challenges we faced in 2014 - some expected as we transition into a more mature company and some very much outside of our control,” said Arkadiy Dobkin, CEO and President of EPAM. “We are confident that we are on the correct path, as demonstrated by our over 30% revenue growth and by EPAM reaching the $200 million quarterly revenue mark for the first time in our history.”
In the full year 2014 revenues increased 31.5% to a record $730.0 million, up from $555.1 million in 2013.
“As we turn our attention to 2015, we face another year of challenges, and feel that EPAM is very well positioned to continue its transformation to support its growth and expansion,” he continued.
Based on current conditions, EPAM expects year-over-year revenue growth to be 21%-23%.