on march 5 , 2014 , we completed an acquisition of substantially all of the assets and assumed certain specific liabilities of u.s.-based healthcare technology consulting firm netsoft holdings llc and armenia-based ozsoft , llc ( collectively , “ netsoft ” ) . netsoft works with leading health plans in the u.s. on their medical management and claims systems , and specializes in working with leaders in pioneering fields such as accountable care organizations , tele-medicine , healthcare analytics , personalized medicine , health information exchanges , and online self-service capabilities . the netsoft acquisition added approximately 40 it professionals to our headcount . on april 30 , 2014 , we acquired all of the outstanding equity of joint technology development limited , a company organized under the laws of hong kong , including its wholly-owned subsidiaries jointech software ( shenzhen ) co. , ltd. , a company organized under the laws of china , and jointech software pte . ltd. , a company organized under the laws of singapore ( collectively , “ jointech ” ) . jointech provides strategic technology services in the investment banking , wealth and asset management industries . the acquisition of jointech added over 200 it professionals to our headcount and significantly extended our footprint in south-east asia . with this acquisition , we expect to create an integrated global platform focused on serving large multinational customers within the banking and financial services vertical , and extend our global value proposition in the region . 32 on june 6 , 2014 , we acquired substantially all of the assets and assumed certain specified liabilities of each of gga software services , llc , institute of theoretical chemistry , inc. , and gga 's russian affiliate ( collectively , “ gga ” ) . established in 1994 , gga develops scientific informatics applications , content databases , algorithms and models ; and delivers it support , maintenance , and quality assurance services to leading healthcare and life sciences companies . the acquisition added over 300 it professionals and over 120 scientists to our highly-experienced employee base and created a significant growth opportunity in the life sciences and healthcare industries . we also see tremendous potential in combining our traditionally recognized strengths with gga 's algorithm development , mathematical modeling , and sophisticated content database development capabilities . the capability to develop and operationalize platforms , combining tools , models and data , has broad applications across other strategic industries on which epam focuses , including the banking and financial services , business information and media , and retail and consumer verticals . on october 31 , 2014 , we acquired great fridays limited and its subsidiaries to expand our product and design service portfolio . great fridays limited , headquartered in manchester , uk , with offices in london , san francisco and new york , focuses on bridging the gap between business and design . the acquisition of great fridays added approximately 50 creative design professionals to our headcount . we expect this acquisition to further expand our product and design services capabilities . summary of results of operations and non-gaap financial measures the following table presents a summary of our results of operations for the years ended december 31 , 2014 , 2013 and 2012 : replace_table_token_12_th for 2014 , we reported results of operations consistent with the continued execution of our strategy . in 2014 , our operating expenses increased in line with increase in revenues . we continue to invest in our people , processes and infrastructure to support our goal to deliver high-quality offerings that meet the needs of our customers , differentiate our value proposition from that of our competition , and drive scale and growth . the key highlights of our consolidated results for 2014 and 2013 were as follows : the european segment continued its strong performance , generating revenue growth of $ 95.1 million during the year ended december 31 , 2014 , or 46.6 % over 2013 ; revenue increased in all our key verticals in 2014 as compared to 2013 , specifically within the banking and financial services and travel and consumer verticals , which grew $ 59.1 million and $ 40.5 million respectively . our organic growth was complemented by four strategic acquisitions completed during 2014 , which expanded our highly skilled employee base , geographic footprint and service capabilities . through acquisitions , we added capabilities in the healthcare and life sciences industries , forming a foundation for emerging verticals . income from operations grew by 12.7 % for the year ended december 31 , 2014 , compared with 2013 while income from operations as a percentage of revenues decreased by 2.0 % . the decrease was due to a combination of factors , including an increase of $ 11.5 million in stock-based compensation expense , a $ 2.6 million increase in amortization and depreciation expenses related to our 2014 acquisitions , a $ 2.6 million write-down of prepaid assets to adjust the book value of prepaid construction costs to an estimated recoverable amount and a $ 1.1 million write-down of construction in progress costs , as well as a $ 2.2 million write off due to goodwill impairment in the russia segment . net income increased by 12.3 % during 2014 compared with 2013 . expressed as a percentage of revenues , net income decreased by 1.7 % due to the items noted above , as well as the effects of significant adverse foreign exchange rate changes to several currencies , specifically the russian ruble , in 2014 as compared to 2013 . the operating results in any period are not necessarily indicative of the results that may be expected for any future period . story_separator_special_tag we do not hold our segment managers accountable for these expenses , as they can not influence these costs within the scope of their operating authority , nor do we believe it is practical to allocate these costs to specific segments , as they are not directly attributable to any specific segment . all our segments are treated consistently with respect to such expenses when determining segment operating profit . 2014 compared to 2013 during 2014 , our revenues grew in excess of 30.0 % over 2013 , from $ 555.1 million to a record $ 730.0 million . the increase was attributable to a combination of factors , including deeper penetration to existing customers and attainment of new customers , both organically and through acquisitions . in 2014 , revenue from new customers was $ 49.7 million , primarily resulting from our 2014 acquisitions , and does not include new clients that are affiliates of existing customers . our 2014 acquisitions increased our total revenues by $ 39.8 million , however , some of the acquired clients are affiliated with our existing clients and , therefore , we consider them an expansion of existing business . in addition , total revenues in 2014 and 2013 included $ 8.4 million and $ 7.6 million of reimbursable expenses and other revenues , respectively , which increased by 10.3 % in 2014 as compared to 2013 , but remained relatively flat as a percentage of revenues . during the year ended december 31 , 2014 , revenues in our largest geography , north america , grew $ 85.8 million , or 30.4 % , as compared with the year ended december 31 , 2013 . expressed as a percentage of consolidated revenues , the north america geography accounted for 50.4 % in 2014 , which represented a decrease of 0.4 % over 2013 . the slight decrease was primarily a result of accelerated growth in the european geography . revenues from all verticals in north america grew during the year ended december 31 , 2014 as compared with the year ended december 31 , 2013 . the largest growth was in the north america 's other vertical due to acquiring new clients in the healthcare , insurance and life sciences industries through a 2014 acquisition as well as creating synergies with existing customers in those markets . during the year ended december 31 , 2014 combined revenue growth from customers in the other vertical accounted for $ 33.8 million , representing a 94.3 % , growth over prior year . our travel and consumer vertical in north america geography increased by $ 15.0 million , or 28.4 % , as compared with the year ended december 31 , 2013 . the increase in this vertical was primarily driven by the rapid expansion of our strategic 39 relationship with a large retail chain , a relationship we acquired in 2012. during the year ended december 31 , 2014 , revenues from the business information and media vertical in north america increased by $ 12.5 million , or 21.8 % , as compared with the year ended december 31 , 2013 . the growth in this vertical in 2014 was attributable to resumed growth in revenues from certain long-time major customers who had decreased demand for our services in 2013. north america 's largest vertical , isvs and technology , experienced growth of $ 19.8 million or 16.2 % during the year ended december 31 , 2014 as compared with the year ended december 31 , 2013 . during the year ended december 31 , 2014 , our banking and financial services vertical remained our dominant vertical in europe geography . in 2014 revenues from the banking and financial services vertical increased by $ 42.5 million , or 39.9 % , respectively , over the corresponding periods of 2013 . continued solid performance of the banking and financial services vertical was attributable to an increased demand for our services and ongoing relationships with existing top customers located in europe . we experienced increased business from our top customer located in switzerland , nearly doubling the revenue during 2014 as compared with the year ended december 31 , 2013 . furthermore , we continue to see growing demand for our services from european-based customers within the travel and consumer and business information and media verticals . during the year ended december 31 , 2014 combined revenues from these verticals increased by $ 30.9 million , respectively , year ended december 31 , 2014 and accounted for 36.4 % of total growth in this geography during periods indicated . europe 's other vertical grew 65.0 % or $ 8.0 million in 2014 , mainly due to addition of new clients through our 2014 acquisitions . revenues in the cis geography showed a decrease of $ 9.8 million or 14.9 % on a year-to-date bases compared to 2013 . the decrease in revenues was primarily attributable to budgetary delays with certain customers located in russia , as well as a decline in business from one of our largest customers in kazakhstan . additionally , significant foreign currency fluctuations in russia and cis countries had a material negative impact on the revenues from those locations . cost of revenues ( exclusive of depreciation and amortization ) during the years ended december 31 , 2014 and 2013 , cost of revenues ( exclusive of depreciation and amortization ) was $ 456.5 million and $ 347.7 million , respectively , representing an increase of 31.3 % for the year ended december 31 , 2014 over the corresponding period of 2013 , mainly due to increase in hiring of revenue generating professionals . as a percentage of revenues , cost of revenues ( exclusive of depreciation and amortization ) , decreased 0.1 % over the corresponding period of 2013 , to 62.5 % of consolidated revenues . the increase in cost of revenues ( exclusive of depreciation and amortization ) in

cash flows the following table summarizes our cash flows for the periods indicated : replace_table_token_21_th operating activities net cash provided by operations during the year ended december 31 , 2014 increased $ 46.6 million to $ 104.9 million , as compared to $ 58.2 million net cash provided by operations in 2013. during 2014 , operating cash flows benefited , in part , from our strong focus on improving working capital efficiencies during the latter part of 2013 , including focus on reducing days outstanding for our billed and unbilled receivables . this emphasis more than offset the higher working capital requirements associated with increased revenues , including growth in total compensation and benefits of our it professionals , overhead expenses , and higher tax payments . net cash provided by operations increased by $ 9.7 million to $ 58.2 million in 2013 from $ 48.5 million net cash provided by operations in 2012. for 2013 , net cash provided by operations was primarily comprised of net income of $ 22.3 million before accounting for non-cash items such as stock-based compensation , depreciation and amortization , bad debt expense , and other items aggregating to $ 14.8 million . net increase in operating assets and liabilities in 2013 as compared to 2012 was primarily related to a reduction in prepaid and other assets by approximately $ 1.9 million as a result of non-recurring purchases made in 2012 coupled with a net increase in accrued expenses and trade payables of $ 2.0 millionmainly due to a decrease in third party contractor expenses .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flows the following table summarizes our cash flows for the periods indicated : replace_table_token_21_th operating activities net cash provided by operations during the year ended december 31 , 2014 increased $ 46.6 million to $ 104.9 million , as compared to $ 58.2 million net cash provided by operations in 2013. during 2014 , operating cash flows benefited , in part , from our strong focus on improving working capital efficiencies during the latter part of 2013 , including focus on reducing days outstanding for our billed and unbilled receivables . this emphasis more than offset the higher working capital requirements associated with increased revenues , including growth in total compensation and benefits of our it professionals , overhead expenses , and higher tax payments . net cash provided by operations increased by $ 9.7 million to $ 58.2 million in 2013 from $ 48.5 million net cash provided by operations in 2012. for 2013 , net cash provided by operations was primarily comprised of net income of $ 22.3 million before accounting for non-cash items such as stock-based compensation , depreciation and amortization , bad debt expense , and other items aggregating to $ 14.8 million . net increase in operating assets and liabilities in 2013 as compared to 2012 was primarily related to a reduction in prepaid and other assets by approximately $ 1.9 million as a result of non-recurring purchases made in 2012 coupled with a net increase in accrued expenses and trade payables of $ 2.0 millionmainly due to a decrease in third party contractor expenses .
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 Suspicious Activity Report : on march 5 , 2014 , we completed an acquisition of substantially all of the assets and assumed certain specific liabilities of u.s.-based healthcare technology consulting firm netsoft holdings llc and armenia-based ozsoft , llc ( collectively , “ netsoft ” ) . netsoft works with leading health plans in the u.s. on their medical management and claims systems , and specializes in working with leaders in pioneering fields such as accountable care organizations , tele-medicine , healthcare analytics , personalized medicine , health information exchanges , and online self-service capabilities . the netsoft acquisition added approximately 40 it professionals to our headcount . on april 30 , 2014 , we acquired all of the outstanding equity of joint technology development limited , a company organized under the laws of hong kong , including its wholly-owned subsidiaries jointech software ( shenzhen ) co. , ltd. , a company organized under the laws of china , and jointech software pte . ltd. , a company organized under the laws of singapore ( collectively , “ jointech ” ) . jointech provides strategic technology services in the investment banking , wealth and asset management industries . the acquisition of jointech added over 200 it professionals to our headcount and significantly extended our footprint in south-east asia . with this acquisition , we expect to create an integrated global platform focused on serving large multinational customers within the banking and financial services vertical , and extend our global value proposition in the region . 32 on june 6 , 2014 , we acquired substantially all of the assets and assumed certain specified liabilities of each of gga software services , llc , institute of theoretical chemistry , inc. , and gga 's russian affiliate ( collectively , “ gga ” ) . established in 1994 , gga develops scientific informatics applications , content databases , algorithms and models ; and delivers it support , maintenance , and quality assurance services to leading healthcare and life sciences companies . the acquisition added over 300 it professionals and over 120 scientists to our highly-experienced employee base and created a significant growth opportunity in the life sciences and healthcare industries . we also see tremendous potential in combining our traditionally recognized strengths with gga 's algorithm development , mathematical modeling , and sophisticated content database development capabilities . the capability to develop and operationalize platforms , combining tools , models and data , has broad applications across other strategic industries on which epam focuses , including the banking and financial services , business information and media , and retail and consumer verticals . on october 31 , 2014 , we acquired great fridays limited and its subsidiaries to expand our product and design service portfolio . great fridays limited , headquartered in manchester , uk , with offices in london , san francisco and new york , focuses on bridging the gap between business and design . the acquisition of great fridays added approximately 50 creative design professionals to our headcount . we expect this acquisition to further expand our product and design services capabilities . summary of results of operations and non-gaap financial measures the following table presents a summary of our results of operations for the years ended december 31 , 2014 , 2013 and 2012 : replace_table_token_12_th for 2014 , we reported results of operations consistent with the continued execution of our strategy . in 2014 , our operating expenses increased in line with increase in revenues . we continue to invest in our people , processes and infrastructure to support our goal to deliver high-quality offerings that meet the needs of our customers , differentiate our value proposition from that of our competition , and drive scale and growth . the key highlights of our consolidated results for 2014 and 2013 were as follows : the european segment continued its strong performance , generating revenue growth of $ 95.1 million during the year ended december 31 , 2014 , or 46.6 % over 2013 ; revenue increased in all our key verticals in 2014 as compared to 2013 , specifically within the banking and financial services and travel and consumer verticals , which grew $ 59.1 million and $ 40.5 million respectively . our organic growth was complemented by four strategic acquisitions completed during 2014 , which expanded our highly skilled employee base , geographic footprint and service capabilities . through acquisitions , we added capabilities in the healthcare and life sciences industries , forming a foundation for emerging verticals . income from operations grew by 12.7 % for the year ended december 31 , 2014 , compared with 2013 while income from operations as a percentage of revenues decreased by 2.0 % . the decrease was due to a combination of factors , including an increase of $ 11.5 million in stock-based compensation expense , a $ 2.6 million increase in amortization and depreciation expenses related to our 2014 acquisitions , a $ 2.6 million write-down of prepaid assets to adjust the book value of prepaid construction costs to an estimated recoverable amount and a $ 1.1 million write-down of construction in progress costs , as well as a $ 2.2 million write off due to goodwill impairment in the russia segment . net income increased by 12.3 % during 2014 compared with 2013 . expressed as a percentage of revenues , net income decreased by 1.7 % due to the items noted above , as well as the effects of significant adverse foreign exchange rate changes to several currencies , specifically the russian ruble , in 2014 as compared to 2013 . the operating results in any period are not necessarily indicative of the results that may be expected for any future period . story_separator_special_tag we do not hold our segment managers accountable for these expenses , as they can not influence these costs within the scope of their operating authority , nor do we believe it is practical to allocate these costs to specific segments , as they are not directly attributable to any specific segment . all our segments are treated consistently with respect to such expenses when determining segment operating profit . 2014 compared to 2013 during 2014 , our revenues grew in excess of 30.0 % over 2013 , from $ 555.1 million to a record $ 730.0 million . the increase was attributable to a combination of factors , including deeper penetration to existing customers and attainment of new customers , both organically and through acquisitions . in 2014 , revenue from new customers was $ 49.7 million , primarily resulting from our 2014 acquisitions , and does not include new clients that are affiliates of existing customers . our 2014 acquisitions increased our total revenues by $ 39.8 million , however , some of the acquired clients are affiliated with our existing clients and , therefore , we consider them an expansion of existing business . in addition , total revenues in 2014 and 2013 included $ 8.4 million and $ 7.6 million of reimbursable expenses and other revenues , respectively , which increased by 10.3 % in 2014 as compared to 2013 , but remained relatively flat as a percentage of revenues . during the year ended december 31 , 2014 , revenues in our largest geography , north america , grew $ 85.8 million , or 30.4 % , as compared with the year ended december 31 , 2013 . expressed as a percentage of consolidated revenues , the north america geography accounted for 50.4 % in 2014 , which represented a decrease of 0.4 % over 2013 . the slight decrease was primarily a result of accelerated growth in the european geography . revenues from all verticals in north america grew during the year ended december 31 , 2014 as compared with the year ended december 31 , 2013 . the largest growth was in the north america 's other vertical due to acquiring new clients in the healthcare , insurance and life sciences industries through a 2014 acquisition as well as creating synergies with existing customers in those markets . during the year ended december 31 , 2014 combined revenue growth from customers in the other vertical accounted for $ 33.8 million , representing a 94.3 % , growth over prior year . our travel and consumer vertical in north america geography increased by $ 15.0 million , or 28.4 % , as compared with the year ended december 31 , 2013 . the increase in this vertical was primarily driven by the rapid expansion of our strategic 39 relationship with a large retail chain , a relationship we acquired in 2012. during the year ended december 31 , 2014 , revenues from the business information and media vertical in north america increased by $ 12.5 million , or 21.8 % , as compared with the year ended december 31 , 2013 . the growth in this vertical in 2014 was attributable to resumed growth in revenues from certain long-time major customers who had decreased demand for our services in 2013. north america 's largest vertical , isvs and technology , experienced growth of $ 19.8 million or 16.2 % during the year ended december 31 , 2014 as compared with the year ended december 31 , 2013 . during the year ended december 31 , 2014 , our banking and financial services vertical remained our dominant vertical in europe geography . in 2014 revenues from the banking and financial services vertical increased by $ 42.5 million , or 39.9 % , respectively , over the corresponding periods of 2013 . continued solid performance of the banking and financial services vertical was attributable to an increased demand for our services and ongoing relationships with existing top customers located in europe . we experienced increased business from our top customer located in switzerland , nearly doubling the revenue during 2014 as compared with the year ended december 31 , 2013 . furthermore , we continue to see growing demand for our services from european-based customers within the travel and consumer and business information and media verticals . during the year ended december 31 , 2014 combined revenues from these verticals increased by $ 30.9 million , respectively , year ended december 31 , 2014 and accounted for 36.4 % of total growth in this geography during periods indicated . europe 's other vertical grew 65.0 % or $ 8.0 million in 2014 , mainly due to addition of new clients through our 2014 acquisitions . revenues in the cis geography showed a decrease of $ 9.8 million or 14.9 % on a year-to-date bases compared to 2013 . the decrease in revenues was primarily attributable to budgetary delays with certain customers located in russia , as well as a decline in business from one of our largest customers in kazakhstan . additionally , significant foreign currency fluctuations in russia and cis countries had a material negative impact on the revenues from those locations . cost of revenues ( exclusive of depreciation and amortization ) during the years ended december 31 , 2014 and 2013 , cost of revenues ( exclusive of depreciation and amortization ) was $ 456.5 million and $ 347.7 million , respectively , representing an increase of 31.3 % for the year ended december 31 , 2014 over the corresponding period of 2013 , mainly due to increase in hiring of revenue generating professionals . as a percentage of revenues , cost of revenues ( exclusive of depreciation and amortization ) , decreased 0.1 % over the corresponding period of 2013 , to 62.5 % of consolidated revenues . the increase in cost of revenues ( exclusive of depreciation and amortization ) in

