Fintech PR
EPAM Announces Agreement to Acquire First Derivative, Expanding Global Financial Services Practice
Strategic Acquisition will Enhance Capabilities in Capital Markets, Banking Operations and Asset Servicing, Strengthening Client Offerings Globally
NEWTOWN, Pa. and NEWRY, N. Ireland, Oct. 7, 2024 /PRNewswire/ — EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, today announced its agreement to acquire First Derivative, a Northern Ireland-headquartered managed services and consulting business for the capital markets industry with more than 1,800 employees worldwide and major delivery capability in the U.K., Ireland, North America and APAC.
EPAM will leverage First Derivative’s strong industry experience and brand to deliver a comprehensive set of AI-enabled end-to-end capabilities to clients in banking, capital markets and other financially regulated businesses across North America, Europe and APAC. Through the acquisition, First Derivative will bring more than 100 new clients under the EPAM umbrella, offering unmatched value and setting a new standard for technology services in the financial services industry.
“We’re pleased to expand our financial services portfolio and diversify our global footprint in key regions with the addition of First Derivative’s deep expertise across capital markets, banking operations and asset servicing,” said Balazs Fejes, President of Global Business and Chief Revenue Officer, EPAM. “The combination of EPAM’s digital technology and engineering heritage with First Derivative’s business services and packaged implementation software offerings, bolstered by the transformative potential of Generative AI, will establish valuable end-to-end capabilities for our clients. This enables them to evolve and scale their digital ecosystems, gain deeper data insights, enhance operations and drive innovation, all while minimizing risks and maintaining regulatory compliance.”
First Derivative specializes in delivering engineering, technical and business services to help the world’s leading financial institutions, including the top 20 global banks, stay compliant, reduce costs and enhance efficiency through tech modernization. Through highly customizable, holistic and easy-to-integrate solutions, clients are equipped to leverage the power of data and AI to enhance decision making.
“EPAM’s commitment to engineering excellence and its transformational capabilities, including GenAI, will strengthen and expand our ability to shape the future for clients, including the world’s largest investment banks,” said David Collins, CEO, First Derivative. “As a top employer for highly skilled engineers, analysts and consultants in capital markets, we are excited to continue our momentum by joining the EPAM team and extending our mission to help organizations accelerate agility and remain competitive in an ever-evolving landscape. Together, we are positioned to be the market leading services provider with a highly differentiated capability, combining strong domain expertise and the best in modern technology. We will offer a full suite of end-to-end business and technology services to the world’s leading investment banks.”
First Derivative is a division of FD Technologies plc, which is listed on the Alternative Investment Market (AIM) of the London Stock Exchange.
“For more than 25 years, First Derivative has helped the world’s largest global banks and financial services companies solve their most pressing operational, data and technological challenges,” said Seamus Keating, CEO, FD Technologies plc. “With its combination of domain knowledge and technical expertise, we are proud of First Derivative’s proven track record and long-standing relationships with blue-chip financial institutions and look forward to seeing its continued success.”
To learn more about EPAM’s growing financial services capabilities, visit www.epam.com/industries/financial-services.
Details Regarding Proposed Acquisition of First Derivative
The acquisition is subject to customary closing conditions, including the receipt of necessary regulatory clearances, and is expected to close in the fourth quarter of 2024. Stone Key Partners LLC served as the exclusive financial advisor and Faegre Drinker served as the legal advisor to EPAM.
ABOUT EPAM SYSTEMS
Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has used its software engineering expertise to become a leading global provider of digital engineering, cloud and AI-enabled transformation services, and a leading business and experience consulting partner for global enterprises and ambitious startups. We address our clients’ transformation challenges by fusing EPAM Continuum’s integrated strategy, experience and technology consulting with our 30+ years of engineering execution to speed our clients’ time to market and drive greater value from their innovations and digital investments.
We make GenAI real with our AI LLM orchestration, testing and engineering solutions, EPAM DIAL, EPAM EliteA™ and EPAM AI/RUN™, respectively.
We deliver globally, but engage locally with our expert teams of consultants, architects, designers and engineers, making the future real for our clients, our partners and our people around the world.
We believe the right solutions are the ones that improve people’s lives and fuel competitive advantage for our clients across diverse industries. Our thinking comes to life in the experiences, products and platforms we design and bring to market.
Added to the S&P 500 and the Forbes Global 2000 in 2021 and recognized by Glassdoor and Newsweek as a Top 100 Best Workplace, our multidisciplinary teams serve customers across six continents. We are proud to be among the top 15 companies in Information Technology Services in the Fortune 1000 and to be recognized as a leader in the IDC MarketScapes for Worldwide Experience Build Services, Worldwide Experience Design Services and Worldwide Software Engineering Services as well as a leader in the 2023 Gartner® Magic Quadrant™ for Custom Software Development Services, Worldwide.*
Learn more at www.epam.com and follow us on LinkedIn.
*Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
ABOUT FD TECHNOLOGIES
FD Technologies is a group of data-driven businesses that unlock the value of insight, hindsight and foresight to drive organisations forward. The Group comprises KX, which provides software to accelerate AI-driven innovation and First Derivative, providing consulting services which drive digital transformation in financial services and capital markets. FD Technologies operates from 13 locations across Europe, North America and Asia Pacific, and employs more than 2,400 people worldwide.
For further information, please visit www.fdtechnologies.com and www.kx.com.
Forward-Looking Statement
This press release includes certain statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Such forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our business and operations. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. Those future events and trends may relate to, among other things, the closing of the Acquisition, which may not close on the terms or timing anticipated, or at all, the satisfaction or waiver of any conditions to the closing of the Acquisition, the anticipated impacts or benefits of the Acquisition, developments relating to the war in Ukraine and escalation of the war in the surrounding region, political and civil unrest or military action in the geographies where we conduct business and operate, difficult conditions in global capital markets, foreign exchange markets and the broader economy, and the effect that these events may have on client demand and our revenues, operations, access to capital, and profitability. Other factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the risk factors discussed in our most recent Annual Report on Form 10-K and the factors discussed in our Quarterly Reports on Form 10-Q, particularly under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” and other filings with the Securities and Exchange Commission. Although we believe that these forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made based on information currently available to us. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
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LONDON, Oct. 7, 2024 /PRNewswire/ — H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $65 billion of capital under management, is pleased to announce that one of its affiliates has acquired a controlling interest in PolarDC Group Limited (“Polar” or the “Company”).
Polar develops, owns, and operates data center infrastructure targeting high-performance computing (“HPC”) applications. The Company’s first data center in Norway will provide up to 48MW of capacity once fully operational, and will be powered using 100% renewable, hydroelectric power. It will offer its customers best-in-class Power Usage Effectiveness, given the naturally colder Norwegian climate and modular design architecture. 100% of its initial capacity has already been presold.
The Company is actively developing several other data center projects across Europe. The Polar management team has extensive experience in developing and operating data center infrastructure, and H.I.G.’s investment will enable the Company to deliver its near-term pipeline. The Company will continue to benefit from the knowledge and expertise of its early-stage investors LIAN Group, who will retain a minority stake in the Company going forward.
Andy Hayes, CEO at Polar, said, “We are delighted to partner with H.I.G. to develop our pipeline of projects. H.I.G.’s investment in the Company, combined with its track record of supporting high-growth, early-stage companies, will allow Polar to benefit from the rapid development of artificial intelligence.”
Andrew Liau, Co-Head of H.I.G. Infrastructure, said, “We are extremely excited by this transaction as data center infrastructure is becoming an increasingly critical enabler of the next wave of digital transformation. We look forward to working with Polar’s highly respected management team and our co-investor, LIAN Group, by bringing H.I.G.’s extensive capabilities and relationships to support the Company’s growth.”
Fiorenzo Manganiello, Co-Founder of LIAN Group, added, “Polar’s future-proofed infrastructure will deliver truly innovative solutions as connectivity, power, and cooling demands grow among the world’s leading cloud computing providers.”
About Polar
Polar is a European owner and operator of HPC data center facilities. Its data centers are designed to facilitate the use of High-Performance Computing for Artificial Intelligence workloads. The company provides a full service offer from design through initial implementation and ongoing operations and prioritizes sustainability by relying on 100% renewable energy sources coupled with attractive PUE metrics. Polar’s design philosophy is modular to facilitate flexible scale with minimum business disruption. For more information, please visit polardc.com.
About LIAN Group
LIAN Group is an investment firm building and funding successful companies in the most impactful industries, while collaborating closely with accomplished entrepreneurial leaders. LIAN Group focuses on opportunities in the Healthcare, Digital Assets, and Infrastructure sectors. For more information, please visit liangroup.io.
About H.I.G. Capital
H.I.G. is a leading global alternative investment firm with $65 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
- H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.
Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.
*Based on total capital raised by H.I.G. Capital and affiliates.
Contact:
Andrew Liau
Managing Director
[email protected]
Michael Pothitos
Principal
[email protected]
H.I.G. Capital
10 Grosvenor Street
2nd Floor
London W1K 4QB
United Kingdom
+44 (0) 207 318 5700
hig.com
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Fintech PR
Arab Palestinian Investment Company expands its operations in Palestine by entering into a strategic partnership with Reema Hygienic Paper Company through the acquisition of a 51% stake in the company
RAMALLAH, Palestine, Oct. 7, 2024 /PRNewswire/ — Arab Palestinian Investment Company (APIC) has announced entering into a strategic partnership with Reema Hygienic Paper Company (Reema) through the acquisition of a 51% stake in the company. The agreement was signed by Tarek Aggad Chairman and CEO of APIC, and Reema shareholders: Nabil and Omar Alhaj Abed, Jadallah Jadallah, and Al Hur investments Co. represented by Lana Alhaj Abed and Nadine Issa.
Aggad stated that this acquisition aligns with APIC’s strategy to bolster its investment footprint in Palestine, with a particular focus on the manufacturing and consumer goods sectors. Aggad emphasized that, despite the harsh and challenging conditions in Palestine due to the ongoing war on Gaza, APIC’s investment underscores its unwavering commitment to supporting local industries and employment in Palestine. Furthermore, this move is set to deliver significant value to APIC, its subsidiaries, shareholders, and the communities in which it operates.
Aggad emphasized that this acquisition represents the onset of a promising partnership that is expected to drive significant value creation for both parties. Through this investment, APIC will partner with the existing shareholders to further institutionalize and expand the business particularly by uplifting its sales through APIC’s subsidiary, Unipal, which is the leading and largest distributor of fast-moving consumer goods in Palestine with a vast network of over 6,000 retail outlets.
Aggad further affirmed that the “Reema” brand name will be preserved, and the current shareholders and directors will continue in their roles, collaborating with APIC to advance the company’s growth trajectory.
Nabil Alhaj Abed expressed his pride in signing this strategic partnership, affirming that the next phase will witness close cooperation with APIC’s management to steer Reema’s development in alignment with its future vision and aspirations. He added that this collaboration will accelerate the company’s growth, enhance its market presence locally and regionally and foster innovation.
On his part, Jadallah Jadallah said that Reema, which was founded in 1982, stands as the premier player in Palestine’s sanitary paper industry, employing over 90 skilled professionals across manufacturing, marketing, sales, and logistics, with a market share of around 40%.
APIC is a public shareholding investment holding company listed on the Palestine Exchange (PEX: APIC). It holds diversified investments across the manufacturing, trade, distribution and service sectors in Palestine, Jordan, Saudi Arabia, the United Arab Emirates, Iraq and Turkey through its group of subsidiaries: Siniora Food Industries Company; Unipal General Trading Company; Palestine Automobile Company; Medical Supplies and Services Company; National Aluminum and Profiles Company (NAPCO); Sky Advertising and Public Relations and Event Management Company; Arab Leasing Company and Arab Palestinian Storage and Cooling Company, employing over 3,150 staff through its group of subsidiaries.
For more information on APIC, visit www.apic.ps
For more information on Reems, visit www.reema.ps
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Adyen, the global financial technology platform of choice for leading businesses, today announces the appointment of Ben Wong as General Manager, Southeast Asia and Hong Kong. In his new role, Ben will oversee the company’s commercial operations in the region, focusing on growth strategies and strengthening partnerships in key markets like Singapore, Malaysia and Hong Kong.
A Singaporean native, Ben joined Adyen in 2016 in a technical role where he acted as a technology consultant to deliver strategic counsel to enterprises, at a time when the payments industry was in its nascency. Since making the switch to sales in 2017, Ben has led the company to major successes across retail, ecommerce, hospitality industries. His technical acumen, coupled with a deep understanding of the market and merchants’ needs has also allowed him to guide the commercial teams to deliver cross-channel payments excellence to businesses in Singapore.
Prior to Adyen, Ben spent half a decade working in fintech, information technology and project management. His tenure at previous organizations built a strong foundation for technical expertise and problem-solving skills in the fast-evolving payments industry.
“We are thrilled to have Ben in this new role, bringing his expertise and insights from working with customers in different sectors to the broader region,” said Warren Hayashi, President, Asia Pacific at Adyen. “Singapore, Malaysia and Hong Kong have been pivotal markets for us and with Ben’s demonstrated experience in Adyen, we are confident that he will lead the region to address the ever-evolving needs of our customers.”
“I am honored to step into this new role and contribute to Adyen’s continued growth,” said Ben Wong, General Manager, Southeast Asia and Hong Kong at Adyen. “My deep roots in the industry fuel my drive for creating exceptional experiences for consumers and building strong, lasting partnerships with our customers. I look forward to driving the business forward and achieving sustained growth for our customers and us in a region filled with immense potential.”
The post Adyen appoints Ben Wong as General Manager, Southeast Asia and Hong Kong appeared first on HIPTHER Alerts.
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