Luxoft Earns Frost & Sullivan Global Outsourcing Award For Outstanding High-End, Value-Added IT Service Delivery & Commitment to Customer Service

New York and Moscow, July 10, 2007 – Luxoft, Russia’s largest provider of high-end IT outsourcing services to clients such as Deutsche Bank, IBM, UBS, T-Mobile, and Dell announced today that it is the recipient of Frost & Sullivan’s 2007 Global Outsourcing Growth Excellence & Customer Value Leadership Award and was a finalist in the Outsourcing Center’s Outsourcing Excellence Awards sponsored by Everest Group and Forbes Magazine.

In receiving this prestigious industry award, Luxoft earned acclaim for the high quality, stability and maturity of its working relationships with its clients. This award recognized Luxoft’s established track record of deep technical expertise, vertical domain experience, and strict adherence to stringent quality and security standards.

“Luxoft has established itself as a premium service provider of high end complex outsourcing services focusing on new product engineering, application development and embedded systems development,” wrote Farheen Pasha, analyst, Frost & Sullivan. “It has established its deep vertical expertise in the financial services, IT and aerospace industries.”

The Frost & Sullivan Award will be presented at the 2007 Growth Excellence Awards banquet on September 18, in Monterey, CA.

Outsourcing Center recognized Luxoft’s partnership with Ping Identity (www.pingidentity.com) as a finalist in the Best Offshore category based on an application and telephone interviews. Central to Luxoft’s Ping engagement was a highly collaborative Agile software development approach that delivered not only substantial cost savings, but an innovative development environment that produced superior software.

A full profile of the Luxoft and Ping Identity relationship will be published in the October issue of Outsourcing Journal, the publication of Outsourcing Center.

“Both Frost & Sullivan and the Outsourcing Center recognized the value that Luxoft continues to deliver to our clients – industry-leading technology personnel, broad vertical expertise, and stellar employee retention,” said Dmitry Loschinin, President and CEO of Luxoft. “The result is high quality and stable partnerships that receive top marks by analysts and the customers alike.”

About Luxoft

Luxoft, founded in 2000, is Russia’s largest provider of high-end IT out¬sourcing services with operations in the US, Canada, UK, Ukraine and the world’s largest delivery capabilities in Russia and CIS.

Luxoft works with global enterprises and independent software vendors (ISVs) enjoying long-term relationships with industry leaders such as Deutsche Bank, IBM, UBS, T-Mobile and Dell.

Luxoft's software development processes meet the highest quality standards, and the company was the first in Europe to achieve Level 5 CMMI quality certification. Luxoft runs research and development centers in Moscow, St. Petersburg, Dubna and Omsk in Russia as well as centers in Kiev and Odessa, Ukraine and Vancouver, Canada.

Luxoft is the recipient of the 2007 Frost & Sullivan Global Outsourcing Growth Excellence & Customer Value Leadership Award and was named a finalist for the 2007 Outsourcing Excellence Award sponsored by Everest Group and Forbes Magazine. In addition, Luxoft was dubbed a Rising Star in the 2007 Global Outsourcing 100 from IAOP and was ranked the world's #1 IT Outsourcing Product Engineering Vendor in the 2006 Black Book of Outsourcing.

About Outsourcing Excellence Awards

The Outsourcing Excellence Awards recognizes the world’s most superior outsourcing arrangements, which demonstrate best practices in creating and sustaining competitive advantage and business transformation and achieve value and mutual benefit that increase over time for the client and service provider. The annual awards program is conducted by Outsourcing Center, an online community specializing in thought leadership, best practices, and innovation in outsourcing. The program is sponsored by Everest Group, who helps companies create customized sourcing strategies in outsourcing relationships that are tailored to their specific situation, and by Forbes Special Sections. For more information, visit www.outsourcingcenter.com.

About Frost & Sullivan

Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit www.awards.frost.com.