One of the largest developers of EPAM software left Russia, selling business to Potanin

EPAM sold the Russian legal entity of Epam Systemz LLC to the Rexoft group. According to the data as of August 2022, 20% of this company belongs to the structure of Interros Vladimir Potanin. “Rexoft” acquired 100% of RNT Group - it is the copyright holder of the Russian “daughter” EPAM.

Under the terms of the agreements, the company cannot use the EPAM brand in Russia, Interfax reports . “Given the planned emergence of a new brand of the united project and the time to integrate the teams, it was decided to work during this period under the RNT Group brand,” the company said. It is also reported that the main stages of the association will take about a year, the total staff of employees will exceed 1.5 thousand people. The amount of the transaction is not called.

The sale of Russian EPAM assets ended on July 26, while the asset acquired by the Rexoft is pledged to Epam Systems Inc. This is a technical nuance, soon the deposit will be removed, the Rexoft said.

The company EPAM Systems, whose headquarters is located in the city of Newtown (Connecticut), is a design software developer and one of the leading players in the field of IT consulting in Central and Eastern Europe. In March 2022, the company said that it was stopping the service of Russian customers.