Private equity funds news
VTB Capital PESS successfully exits investment in EPAM Systems via IPO at NYSE
16.02.12 0:00
VTB Capital Private Equity and Special Situations (PESS) has successfully placed part of its minority stake in the leading CIS offshore software developer EPAM Systems, Inc during its IPO at NYSE last week (ticker “EPAM”). EPAM offered of 6,000,000 shares of common stock at a price of $12.00 per share. Last Russian company to go public on NYSE was Mechel in 2004.
The minority stake in EPAM was acquired by VTB Capital PESS in May 2010. The Fund “Russia Parthers” is among other shareholders.
EPAM was started nearly 20 years ago by the current founder and grew to be one of the largest IT service providers in Central and Eastern Europe as well as Commonwealth of Independent States. Company’s revenue has grown by 58% in 9M of 2011 vs. 9M 2010 and reached US$ 239mn while adjusted net income increased by 81% from US$ 20 million to US$ 36 million during the same period. The IPO allows VTB Capital PESS to realize substantial IRR on its investment and is already the second successful exit after “Lesnaya Plaza” in last 3 months.
Commenting on the deal, Tim Demchenko, Head of Private Equity and Special Situations at VTB Capital, stated: “IPO of EPAM is a great story for the Company and VTB Capital. The proceeds and access to capital markets will continue to fuel EPAM’s growth and international expansion.”
About EPAM Systems.
Established in 1993, EPAM Systems, Inc. is a leading global IT services provider with delivery centers throughout Central and Eastern Europe. Headquartered in the United States, EPAM employs over 7,000 IT professionals and provides services to clients worldwide using a global delivery model through its client management and delivery operations in the United States, Belarus, Hungary, Russia, Ukraine, UK, Germany, Kazakhstan, Sweden, Switzerland and Poland.
About VTB Capital PESS.
Since its inception in 2008, VTB Capital’s Private Equity Team has deployed US$ 354m of principal capital and has attracted US$ 1.2bn of co-investment capital in eight investment transactions across a variety of industries including retail, media, real estate, infrastructure, transportation and IT. The Private Equity Team invests in both minority and controlling stakes and subsequently exits through public listings or strategic sales, normally over a period of three to five years.
The Private Equity Team have extensive experience with top international investment firms. Prior to joining VTB Capital, the Private Equity Team members invested a combined US$ 5bn of capital in over 70 investment transactions. The members of the Private Equity Team possess complementary skill sets and have experience across all stages of the private equity investment process, including origination, execution, investment management and exits.
Source: VTB Capital
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