Nov 7 (Reuters) - EPAM Systems ( EPAM ) lifted its

annual revenue and profit forecasts on Thursday, betting on

strong demand for its IT services towards the end of the year as

enterprise spending picks up, sending shares of the software

provider 11% higher before the bell.

More companies are spending on digital transformation and

cloud modernization to save costs and improve efficiency.

Last month, EPAM ( EPAM ) acquired the consulting business of

Northern Ireland-based FD Technologies for $300.9 million to

deepen its expertise in financial services and enhance its

artificial intelligence-related capabilities.

The company now expects its full-year revenue to be between

$4.69 billion and $4.70 billion, compared with its previous

projection of $4.59 billion to $4.63 billion.

It sees adjusted profit between $10.73 and $10.81 per share,

above with its earlier estimate of $10.20 to $10.40.

Peer Cognizant Technology Solutions ( CTSH ) also raised its

annual revenue forecast, and beat third-quarter profit estimates

on gradual recovery in the business environment.

For the third quarter ended Sept. 30, EPAM ( EPAM ) posted adjusted

profit of $3.12 per share, above analysts' estimates of $2.70,

according to data compiled by LSEG.

Its quarterly revenue of $1.17 billion also beat Street

estimates of $1.15 billion.

(Reporting by Rishi Kant in Bengaluru; Editing by Shinjini

Ganguli)