Excelian, Luxoft Financial Services Looks to the East for Global Delivery Expansion
October 5, 2017
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October 5, 2017
BANGALORE, India -- October 5, 2017 -- Excelian, Luxoft financial services, the financial services division of Luxoft Holding, Inc. (NYSE:LXFT), a leading provider of software development services and innovative IT solutions to a global client base, today announced the expansion of its office in Bangalore as part of the company’s strategic focus on the Asia Pacific region.
The office will act as a center to deliver IT services to financial institutions in Singapore, Australia, Malaysia and China from a nearshore location. The announcement follows Luxoft’s acquisition of DerivIT, whose existing client base provided the platform for the new office in Bangalore and was a significant step in building Excelian, Luxoft Financial Services’ delivery presence in the region.
“The opening of the Bangalore office in India represents a major milestone in our journey to becoming a top global technology consultancy,” said Roman Trakhtenberg, Group Managing Director and Global Head of Excelian, Luxoft Financial Services. “Demand for technology services is soaring in emerging Asian economies and we are now well placed to meet this demand from a nearshore location.”
With the opening of the Bangalore office, Luxoft now has 37 delivery centres globally. The Bangalore office is already fully operational and Excelian, Luxoft Financial Services is serving banks across its entire range of services, including implementing Murex software. The Company is committed to becoming a top destination for senior talent to ensure it can manage digital transformation projects from beginning to end.
According to recently published data, Bangalore has more than doubled its innovation centres over the past two years and with end-user spending on business services & product support in emerging Asian economies is expected to reach $16 billion by 2020, it is already widely touted as a global hub of FinTech innovation.
Jeremy Ward, Managing Director at Excelian, Luxoft Financial Services said, “Bangalore is widely recognized as a central hub for the banking technology industry. This opening is therefore not just the company building on the considerable success of our Murex business in India, it is the latest sign that we offer a truly global proposition across the entire range of financial services businesses.”
“The office in Bangalore reflects Luxoft’s commitment to quality and its aspiration to grow in APAC,” said derivIT’s CEO, Mukund V. Rao. “Excelian Luxoft has already been recognized as part of a wave of IT providers investing in India and this is now an exciting time for anyone working in our Indian engineering centers. Looking ahead, we now have a firm platform to work across the entire digital transformation process of our clients.”
About Luxoft
Luxoft (NYSE:LXFT) is a global IT service provider of innovative technology solutions that delivers measurable business outcomes to multinational companies. Its offerings encompass strategic consulting, custom software development services, and digital solution engineering. Luxoft enables companies to compete by leveraging its multi-industry expertise in the financial services, automotive, communications, and healthcare & life sciences sectors. Its managed delivery model is underpinned by a highly-educated workforce, allowing the Company to continuously innovate upwards on the technology stack to meet evolving digital challenges.
Luxoft has more than 13,100 employees across 41 cities in 20 countries within five continents, with its operating headquarters office in Zug, Switzerland. For more information, please visit the website www.luxoft.com
Forward-Looking Statements
This news release of Luxoft Holding, Inc (“Luxoft”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include information about possible or assumed future results of our business and financial condition, as well as the results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. These statements are subject to, without limitation, the risk factors discussed under the heading “Risk Factors” in Luxoft’s Annual Report on Form 20-F for the year ended March 31, 2017 and other documents filed with or furnished to the Securities and Exchange Commission by Luxoft. Except as required by law, Luxoft undertakes no obligation to publicly update any forward-looking statements for any reason after the date of this news release whether as a result of new information, future events or otherwise.
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