EPAM Buys Russian-American Software Developer
EPAM Systems announced the purchase of GGA Software Services, a U.S. company with a development unit in St. Petersburg
Jun 17, 2014
GGA is engaged in software development and providing mathematical modeling and database services development for pharmaceutical companies and the medical industry.
Neither the details of the transaction nor the financial results of GGA Software Services have been made public.
In addition to the undisclosed sale price, GGA has received common stock in EPAM valued at $10 million. In the event of certain financial results, GGA will receive an additional amount of cash and common shares from EPAM.
GGA is headquarter in Cambridge, Massachusetts with a development unit located in St. Petersburg, Russia and employs "more than 450 software engineers, mathematicians and scientists."
GGA Software Services co-founders Richard Golob and Vitaliy Aronov, a graduate of Leningrad State University with a degree in Applied Mathematics, met in 1994. By the time Aronov moved to the U.S. in 1993, according to GGA, he had worked for more than 10 years in senior IT positions at Russian (or Soviet) defense companies. Aronov is GGA’s CTO.
GGA counts another Russian native among its top managers, Yuriy Gankin, a graduate of St. Petersburg University of Chemical Technology who majored in physical chemistry. Gankin develops databases on toxicology, pharmacology and materials. He is the developer and owner of patents for algorithms and hardware for the spectrometric detection of chemical compounds. Gankin is CSO for GGA Software Services.
GGA President and CEO Richard Golob was born in New York, but has Russian ancestors.
Since EPAM System’s IPO in 2012, the company has been active in buying new assets. In 2012, the company paid $14.7 million for Thoughtcorp, a Canadian provider of software solutions. In 2013, EPAM acquired U.S. company Empathy Lab, which specializes in digital strategy and product development based on user experience, for $34 million.
In March 2014, it was announced that EPAM had bought American (originally Turkish) company NetSoft, a developer of IT solutions in the field of medicine as well as its Armenian partner, Ozsoft. The deal was valued at $6 million. In May 2014, EPAM Systems announced the acquisition of Jointech, a Chinese company producing solutions global investment banks and asset management companies.
In 2013, EPAM increased its revenue by 28 percent to $555 million, while its net income rose 13 percent to $62 million. EPAM earned most on its clients from the banking sector (28 percent of total revenue), followed by technology (24 percent) and tourism (21 percent).
Neither the details of the transaction nor the financial results of GGA Software Services have been made public.
In addition to the undisclosed sale price, GGA has received common stock in EPAM valued at $10 million. In the event of certain financial results, GGA will receive an additional amount of cash and common shares from EPAM.
GGA is headquarter in Cambridge, Massachusetts with a development unit located in St. Petersburg, Russia and employs "more than 450 software engineers, mathematicians and scientists."
GGA Software Services co-founders Richard Golob and Vitaliy Aronov, a graduate of Leningrad State University with a degree in Applied Mathematics, met in 1994. By the time Aronov moved to the U.S. in 1993, according to GGA, he had worked for more than 10 years in senior IT positions at Russian (or Soviet) defense companies. Aronov is GGA’s CTO.
GGA counts another Russian native among its top managers, Yuriy Gankin, a graduate of St. Petersburg University of Chemical Technology who majored in physical chemistry. Gankin develops databases on toxicology, pharmacology and materials. He is the developer and owner of patents for algorithms and hardware for the spectrometric detection of chemical compounds. Gankin is CSO for GGA Software Services.
GGA President and CEO Richard Golob was born in New York, but has Russian ancestors.
Since EPAM System’s IPO in 2012, the company has been active in buying new assets. In 2012, the company paid $14.7 million for Thoughtcorp, a Canadian provider of software solutions. In 2013, EPAM acquired U.S. company Empathy Lab, which specializes in digital strategy and product development based on user experience, for $34 million.
In March 2014, it was announced that EPAM had bought American (originally Turkish) company NetSoft, a developer of IT solutions in the field of medicine as well as its Armenian partner, Ozsoft. The deal was valued at $6 million. In May 2014, EPAM Systems announced the acquisition of Jointech, a Chinese company producing solutions global investment banks and asset management companies.
In 2013, EPAM increased its revenue by 28 percent to $555 million, while its net income rose 13 percent to $62 million. EPAM earned most on its clients from the banking sector (28 percent of total revenue), followed by technology (24 percent) and tourism (21 percent).