May 23, 2012 / 11:58 AM / in 6 years

EPAM Systems raises revenue outlook

(Reuters) - IT services provider EPAM Systems Inc (EPAM.N) raised its revenue outlook for the second quarter and the full year after it agreed to buy Canada-based Thoughtcorp Systems.

EPAM, which provides IT services focused on software product development, now expects quarterly sales of $101 million to $103 million. It earlier forecast $100 million to $102 million.

Analysts on average were expecting $101.2 million, according to Thomson Reuters I/B/E/S.

The company raised its full-year revenue outlook to $418 million to $425 million from $411 million to $418 million.

Analysts were looking for $417 million.

The company counts Citigroup (C.N), Coca-Cola Co (KO.N), Expedia Inc (EXPE.O), Google Inc (GOOG.O) and Oracle Corp ORCL.O among its clients.

EPAM, which debuted on the New York Stock Exchange in February, agreed to buy IT consultancy Thoughtcorp for $17.4 million to expand in North America.

The deal value includes issuance of 434,546 shares of EPAM’s restricted common stock.

The deal is expected to close by the end of this month.

Shares of EPAM closed at $15.69 on Tuesday on the New York Stock Exchange.

Reporting by Chandni Doulatramani in Bangalore; Editing by Maju Samuel

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