During the year, EPAM’s assets in Belarus decreased by 17%

2023-08-23 15:59:11

EPAM’s quarterly report states that at the end of June, the value of the company’s assets in Belarus is $53.5 million, OfficeLife noted. For comparison: a year ago they were estimated at $64.4 million, in 2020-2021 – at $75-78 million.

Now EPAM’s Belarusian business ranks third in terms of volume, behind the Ukrainian office, where assets are concentrated at $67 million, and the American office (61 million). The sum of all assets of EPAM in all locations is estimated at 255.7 million dollars, since the end of last year this figure has decreased by 18 million dollars.

The company clarifies that it has funds in several countries, including Belarus, Russia and Ukraine. As of June 30, the company’s funds in Belarusian banks amounted to $38.5 million, in Ukrainian banks – $50.9 million, in Russian banks – $24.8 million. Money in Ukraine and Belarus is used for the operational needs of local enterprises, and balances on accounts change depending on the expected operational requirements.

The company clarified that some customers “have taken steps to block Internet communications with Russia, Ukraine and Belarus to protect against potential cyber attacks or other threats to information security.” Such disincentives force EPAM to relocate part of its team to other countries and limit its ability to participate in certain projects.

The revenue of the Central and Eastern Europe region, which includes Belarus, Georgia, Kazakhstan, Russia, Ukraine and Uzbekistan, for the II quarter of 2023 amounted to $7.815 million, or 0.7% of the company’s total revenue. Over the past three months, the net profit of the company amounted to $120 million, it grew 6.5 times by June 2022. At the same time, the revenue of EPAM Systems Inc. decreased for the II quarter by 2.1% — to $1.17 billion.

Since 2020, a mass exodus of IT specialists from Belarus has begun. Many companies have completely closed their business in the country and moved abroad. There were two waves of IT emigration: after August 2020 and after the start of the war in Ukraine in February 2022.

Over the past year, more than 29,500 specialists resigned from IT companies — this is 74% more than in 2021.

Sources in large Belarusian IT offices talk about the mass relocation of employees: Wargaming (in connection with the complete closure of the company in Belarus), EPAM, Exadel, iTechArt, Itransition, Playtika and others. The statistics of hiring and firing testify to the outflow of specialists from the IT sector of Belarus.