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.”
Luxoft Holding, Inc. (NYSE:LXFT) a leading provider of software development services and innovative IT solutions to a global client base consisting primarily of large, multinational corporations predominantly in Europe, North America and Asia Pacific. The Company’s software development services consist of core and mission critical custom software development and support, product engineering, and technology consulting. Its bespoke solutions include technology architecture selection and other consulting, proprietary products and/or standard system software and platforms, as well as implementation and maintenance. Through its services and solutions, the Company helps its clients improve their competitive position by increasing efficiency, optimizing costs, and enabling changes through disruptive digital technologies that enhance end-user experience and shorten time-to-market. The Company develops its solutions and delivers its services from 37 dedicated delivery centers worldwide. It has more than 12,800 employees across 42 offices in 21 countries within five continents – North America, Europe, Africa, Asia, and Australia. Luxoft is incorporated in Tortola, British Virgin Islands, has its operating headquarters office in Zug, Switzerland and is listed on the New York Stock Exchange. For more information, please visit http://www.luxoft.com.
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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Luxoft Holding, Inc
Patrick R. Corcoran
Global Director, External Relations
212-964-9900 ext. 2453