Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of EPAM Systems Inc (NYSE:EPAM) rose more than 10% early Thursday, then settled to close up around 5% after the IT services specialist turned in solid first-quarter results and announced an acquisition.

So what: Quarterly revenue rose 29.1% year over year to $160.4 million, which translated to 34.3% growth in adjusted earnings per share to $0.47. Analysts, on average, were looking for earnings of just $0.41 per share on sales of $153 million.

Separately, EPAM Systems announced the acquisition of Jointech, a provider of strategic technology services to global investment banks. Specific financial terms for the deal weren't disclosed.

Now what: This in mind, including the impact of both its Jointech purchase and its March acquisition of health care tech consulting firm Netsoft, EPAM sees full-year 2014 revenue growth of 25% to 27%, and adjusted net income growth of 23% to 25%.

Meanwhile, EPAM expects current quarter revenue between $168 million and $170 million -- or growth of 26% to 27% from the same year-ago period -- and adjusted earnings per diluted share in the range of $0.47 to $0.48. Analysts were modeling second-quarter earnings of $0.47 per share on sales of $164 million.

Assuming EPAM didn't pay a horrendous premium for its latest acquisition, these were solid results by any measure. With shares currently trading at a reasonable 14.4 times next year's estimated earnings, I think EPAM still has plenty of room to reward long-term shareholders from here.

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Steve Symington has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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