ACQUISITION

9 Months Ended

Sep. 30, 2020

ACQUISITIONS

2020 Acquisitions — During the nine months ended September 30, 2020, the Company completed two acquisitions with an aggregate purchase price of $22,526 including contingent consideration with an acquisition-date fair value of $5,292. The Company committed to making contingent consideration payments with a maximum amount payable of $18,582 subject to attainment of specified performance targets in the first and second calendar years after the respective acquisition dates. These acquisitions increased EPAM’s software and service capabilities and expanded EPAM’s offerings in financial services as well as added $7,280 of intangible assets, consisting mainly of customer relationships. Revenues generated by these acquisitions totaled $1,245 and $3,478 during the three and nine months ended September 30, 2020, respectively. Pro forma results of operations have not been presented because the effect of these acquisitions on the Company’s condensed consolidated financial statements was not material individually or in aggregate.

test IO — During the second quarter of 2020, the Company finalized the fair value of the assets acquired and liabilities assumed in the acquisition of test IO. During 2020, the Company recorded insignificant purchase price adjustments to various accounts with corresponding net decreases to goodwill of $226.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the date of acquisition as updated for any changes as of June 30, 2020 for test IO:


	test IO
Cash and cash equivalents	$	663
Trade receivables and contract assets	621
Prepaid and other current assets	150
Goodwill	11,926
Intangible assets	6,219
Property and equipment and other noncurrent assets	305
Total assets acquired	$	19,884
Accounts payable, accrued expenses and other current liabilities	$	993
Other noncurrent liabilities	1,568
Total liabilities assumed	$	2,561
Net assets acquired	$	17,323