EPAM Systems down; to acquire consulting firm First Derivative

FD Technologies

07/10/2024 18:15

** Shares of software firm EPAM Systems  EPAM.N  down 2.4%
at $193.64        
    ** EPAM says it will buy Northern Ireland-based consulting
and managed services provider First Derivative, a division of FD
Technologies  FDPF.L  
    ** Separately, FDPF says EPAM will buy First Derivative in a
230 mln pounds deal ($300.93 million)
    ** FDPF says divestment of First Derivative is expected to
complete in Q4 2024
    ** EPAM says First Derivative will bring more than 100 new
clients under the EPAM umbrella 
    ** "We believe that the acquisition of FD is primarily a
domain play that deepens EPAM's expertise in financial services.
However, the acquisition also enhances EPAM's AI-related
capabilities" — William Blair
    ** Up to last close, EPAM down ~33% YTD

($1 = 0.7643 pounds)

 (Reporting by Jaspreet Singh in Bengaluru)
 ((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))