Outsourcer EPAM buys Canada IT shop for $17M

EPAM Systems, Inc., the Newtown, Bucks County software engineering-IT outsourcing company that specializes in replacing engineers in the U.S. and other Western markets with lower-paid work in the former Soviet Union and Soviet-bloc countries, says it's agreed to pay $17.4 million in cash, stock and assumed debt for Toronto-based Thoughtcorp, an "IT consultancy and software solution provider" for telecom, finance and retail companies.


The deal spreads EPAM into Canada and adds capacity in "Agile Development, Enterprise Mobility and Business Intelligence," EPAM chief executive Arkadiy Dobkin said in a statement.