EPAM Systems Inc. ( EPAM ), a global provider of customized software engineering and technology services, recently unveiled that it has acquired U.S.-based scientific informatics services provider GGA Software Services LLC. The financial terms of the deal are kept under wraps.
EPAM primarily serves banking, business information, financial services, media, hospitality, retail and consumer industries. This acquisition is a strategic move by the company to strengthen its Life Sciences and Healthcare industry verticals.
GGA Software has created a niche for itself in the domain of scientific informatics by combining its in-depth industry knowledge, strong analytical and software development skills. Apart from this, the company provides maintenance solutions like IT support and quality assurance services to leading healthcare and life sciences companies across the globe.
GGA Software also achieved expertise in information processing by utilizing algorithms and complex mathematical models for developing and handling critical content database. The insights obtained from the data are then used to design and develop the platforms to meet the industry demand.
GGA Software's industry knowledge when integrated with EPAM's software and technological capabilities is expected to provide the latter a competitive edge over its peers, benefiting its customers significantly. The integrated capabilities of the two entities will enable the development of complex business and software solutions to meet the increasing standards of the industry across the globe.
EPAM has been pursuing the strategy of rapid expansion within its verticals by capitalizing on strong software engineering expertise. Prior to this, in May 2014, the company acquired a strategic technology and design firm specializing in healthcare and insurance -- NetSoft USA, Inc. -- to strengthen its ability to deliver complicated, mission-critical solutions in healthcare insurance. The acquisition of GGA Software will further enable the company to reinforce its position in the healthcare and life sciences space.
EPAM currently holds a Zacks Rank #2 (Buy). Other stocks in the sector that can be considered include CommScope Holding Company, Inc. ( COMM ), Barracuda Networks, Inc. ( CUDA ) and Kofax Ltd ( KFX ). While CommScope Holding sports a Zacks Rank #1 (Strong Buy), both Barracuda Networks and Kofax Limited have the same ranks as EPAM.
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