EPAM (an acronym for clunky “Effective Programming for America”) runs a set of engineering facilities in Russia, Belarus, Hungary and Ukraine. Software developer provides IT outsourcing services to clients throughout Europe and U.S. Founded 15 years ago by a native of Belarus Arkadiy Dobkin Lawrenceville, NJ-based firm grossed over $100 million in 2007.

The aforementioned minority equity buyout was performed by, let’s say, EPAM’s old neighbors and acquaintances. Russia’s, Moscow-headquartered Renaissance Capital and Renaissance Investment Management poured in the major $22.2 million, according to local business daily newspaper Vedomosti. The other party, Da Vinci Capital, declared February this year it had invested $17.8 million into EPAM. Nevertheless, Da Vinci’s investments were considered in a total sum reported this Monday. By the way, Da Vinci Capital was launched last year by former employees of Renaissance.

The background of the third co-investor is even more sector-specific. In 2003 the Hungarian Euroventures Capital invested 1 million Euros into another software outsourcer, Fathom Technology of Budapest. And a year later Fathom has been acquired by EPAM.

It seems 5 years after that story Euroventures is eager to pump in tenfold more funds into the outsourcing industry. So the other bullish companies are. But the point stays: can these investments still make a truly good buck? Software and IT services export from Russia loosing its pace, according to annual surey data by industry association Russoft. Still, the local market is thriving. So the newly raised capital will be used by EPAM presumably to staff up and make new bargains in Russia. That can make its business less export-savvy too.