EPAM Announces Agreement to Acquire First Derivative, Expanding Global Financial Services Practice

Core Insights - EPAM Systems, Inc. has announced its agreement to acquire First Derivative, enhancing its capabilities in capital markets, banking operations, and asset servicing globally [1][2] Group 1: Acquisition Details - The acquisition will bring over 1,800 employees from First Derivative, which specializes in managed services and consulting for the capital markets industry [1][2] - The deal is expected to close in the fourth quarter of 2024, subject to customary closing conditions and regulatory clearances [6] Group 2: Strategic Benefits - EPAM aims to leverage First Derivative's industry experience to provide AI-enabled end-to-end capabilities to clients in banking and capital markets across North America, Europe, and APAC [2][3] - The acquisition will add more than 100 new clients to EPAM's portfolio, enhancing its value proposition in the financial services sector [2] Group 3: Leadership Perspectives - Balazs Fejes, President of Global Business at EPAM, emphasized the combination of EPAM's digital technology with First Derivative's business services to create valuable capabilities for clients [3] - David Collins, CEO of First Derivative, highlighted the potential for the combined entity to become a market leader in providing differentiated services to investment banks [4] Group 4: Company Background - First Derivative has over 25 years of experience assisting major global banks with operational, data, and technological challenges [5] - FD Technologies plc, the parent company of First Derivative, operates in 13 locations globally and employs more than 2,400 people [12]