Enterprise software developer EPAM Systems Inc. (NYSE: EPAM) has been listed on Fortune’s list of the 100 fastest-growing companies as one of the leaders in its services.
AppFolio, Inc. (NASDAQ: APPF), a software and services company for real estate, is the ranking leader. EPAM climbed to 21st place in the 2020 list, 50 places higher compared to last year’s outcome.
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Hundreds of public companies that have shown the fastest growth rates in sales, annual profits, and earnings per share are on the Fortune 100 list. The ranking is based on three-year data and includes firms from various industries. As it is quickly moving up in the rankings, EPAM has become one of the strongest in the service sector. This is because in three years, it has nearly increased its sales and extended its footprint to 35 countries. The company, which is involved in the production of outsourcing software, now has more than 38 thousand employees.
EPAM has achieved a 10-year average annual sales growth of 31 percent over the period from 2009 to 2019. During the COVID-19 span, several organizations accelerated digital transformation, resulting in increased demand for urgent software growth.
The idea of EPAM establishing software development offices in developing countries has proven to be extremely popular and is likely to be viable for several years to come. Competition and political uncertainty are the risks of this model in the regions where EPAM development offices are based. EPAM aims to conclude deals with global players in order to reduce these threats, as well as extend its geographical footprint.
The share of EPAM dropped -3.17% on Monday to close the session at $322.82 bringing its market cap to $18.04 billion. Stock of EPAM Systems Inc. (EPAM) is up 1.37 percent over the past week. Year to date, company stock is at an impressive gain of 52.16 percent.