When Russia attacked Ukraine last February, investors such as Pennsylvania’s state pension funds rushed to, horrified at the prospect of profiting from the unprovoked invasion.
At the time of the invasion, more than half the company’s $5 billion in yearly software outsourcing work was done in Ukraine, Russia, or Belarus, where Dobkin is from and which Russia dominates.As Ukrainians battled to hold their capital, Kiev, shares of EPAM, which had recently joined the S&P 500 list of most-valuable U.S. companies, fell by nearly half, on fears the company would be unable to keep its people working under war conditions.
The company has spent $45 million so far, he said, moving people and their work to safer locations, taking care of their human needs. It expects additional expenses from winding down Russian clients it will no longer serve. While it was reducing operations in Russia, the company has moved work to safer parts of Ukraine, and the quality of work done there remains high, Dobkin said. The company’s $51 million Ukraine headquarters, under construction in Kiev, hasn’t been damaged, the company reported last fall.
heavy-lift helicopters, at a cost of more than $5 billion. The deal was in the works before the war began, with Germany feeling pressure from the U.S. to beef up its defenses.Philadelphia area’s largest remaining industrial employer.