Strategic agreement concluded between the Hungarian Government and EPAM
A strategic cooperation was signed between the Hungarian Government and EPAM Systems Kft., one of the largest software development companies in Hungary. Due to the agreement, EPAM will employ another 365 persons in addition to its current number of 1500 employees until the end of 2018 in Debrecen and Szeged. The company and the Government will also cooperate in research and development as well as in production development.
EPAM Systems, a company of American ownership, having its headquarters in the USA is one of the world's leading software developers. The company, listed on the New York Stock Exchange, was established in 1993 and achieved a sales revenue of close to USD 1 billion in 2015, with a growth of 25 % in a year. EPAM is one of the most rapidly developing technological companies.
It has representations in 25 countries in four continents including, among others, the United States, Canada, Great Britain, Germany, Sweden, the Netherlands, Switzerland, Singapore, China, Belarus, Russia and Hungary.
EPAM has been present in Hungary for more than 10 years. The company provides work to more than 1500 people in Budapest, Debrecen and Szeged. Thus, it is the largest software development company in Hungary. The companies and subsidiaries in East–Central Europe are also controlled by the Hungarian company. Its sales revenue is HUF 15 billion and its profit before tax is approximately HUF 1 billion. People can meet the digital solutions developed by the company mainly in the field of financial services, travelling and catering industry, retail trade, media and entertainment and health – without even knowing that they were developed by EPAM. The parties will also examine the future possibility for the company to carry out research and development or innovation activity with the involvement of the Hungarian education institutions and research centres.
Pursuant to the strategic agreement, EPAM Hungary will employ 365 persons until the end of 2018 in Debrecen and Szeged, under a job creation investment in the total value of approximately EUR 11 million. According to an individual government decision, it will receive a non-reimbursable aid with the participation of the Hungarian Investment Promotion Agency (HIPA).
The Hungarian Government supports the investments of EPA Systems Kft. in Hungary in accordance with the legislation in effect, facilitating the export of its services provided from Hungary and supporting the training of the company's employees.