Reuters: Regulatory News: UPDATE 1-EPAM Systems raises revenue outlook

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UPDATE 1-EPAM Systems raises revenue outlook May 23rd 2012, 11:48 Wed May 23, 2012 7:48am EDT * Raises Q2 rev view to $101-$103 mln vs est $101.2 mln * Lifts FY rev view to $418-$425 mln vs est $417 mln * Sees FY adj EPS growing 11-13 pct vs prev est 10-12 pct growth * Says buys Canada's Thoughtcorp Systems for $17.4 mln May 23 (Reuters) - IT services provider EPAM Systems Inc 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, Coca-Cola Co, Expedia Inc, Google Inc and Oracle Corp 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. Link this Share this Digg this Email Reprints

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