Engine Capital, which holds a 1.5% stake in EPAM Systems, is pressing the software company’s board to increase share buybacks after the stock fell about 44% this year amid concerns that artificial intelligence could disrupt its business. Managing partner Arnaud Ajdler urged the board to use EPAM’s existing $750 million cash pile, future free cash flows and debt to expand repurchases. If EPAM does not pursue additional buybacks or they fail to improve the stock’s performance, Engine wants the company to launch a formal strategic review overseen by independent directors and a financial adviser. EPAM shares rose 2.2% in premarket trading. EPAM and Engine Capital did not immediately respond to requests for comment, while the Financial Times first reported the development.