Software developer EPAM Systems, founded in Belarus, will sell its assets in Russia. Previously, the company transferred part of its Russian employees to Uzbekistan.
EPAM Systems concluded an agreement on the sale of Russian assets on September 7, as reported in a report to the US Securities and Exchange Commission.
The company did not specify to whom the business will be sold, the agreement was signed with a “third party”, the report shows. EPAM Systems clarified that the timing of the completion of the transaction depends, among other things, on its approval by the Russian government.
EPAM Systems announced the decision to leave the Russian market in April, at the same time as it became known about the relocation of the company’s employees. The developer moved a thousand of its employees to Uzbekistan. The cost of relocating staff from Russia, Belarus and Ukraine, according to the company, amounted to 37.5 million dollars.
EPAM Systems was founded by Belarusian entrepreneurs Arkady Dobkin and Leonid Lozner in 1993 in the United States. The software developer cooperates with Microsoft, Google, Adobe, SAP.
Author:
Kirill Bilyk
Source: RB
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