April 2021

Eastern Europe IT Services – Q4 2020

Fourth-quarter earnings across our Eastern Europe coverage were strong with all public companies exceeding analysts’ expectations. Management teams appear to be excited about opportunities in their M&A pipelines, as many companies including EPAM, Grid Dynamics, and Endava completed several acquisitions at the end of 2020. Looking ahead, Eastern European companies communicated more confidence in their forward outlook and M&A pipeline.