NEW YORK--(BUSINESS WIRE)--Luxoft Holding, Inc (NYSE:LXFT US), a leading provider of software development services and innovative IT solutions to a global client base, today announced the launch of its new U.S. office in the Detroit, Michigan to support its automotive line of business.
“Demand for Luxoft’s engineering services, technology, and domain expertise has been steadily increasing, particularly within the automotive industry. Our current pipeline has prompted us to expand our presence in the United States. Through our presence in Detroit, Michigan, we plan to further grow our business with original equipment manufacturers and Tier-I suppliers as well as to better support our existing clients,” said Dmitry Loschinin, President and CEO of Luxoft.
“The office’s strategic location, which is the core of the automotive industry in North America, allows us not only to continue effectively servicing our U.S. clients, but also to leverage the increased interest in our capabilities among the entire automotive community. We expect this location, by being on the ground, will give us increased visibility into the automotive community’s technology needs and will help us optimize our offerings for current and future engagements,” said Serkan Arslan, Director of Automotive Global Business Development.
Luxoft is currently present in 13 countries around the world, and this new office becomes its 21st global location. The Detroit office will focus on business development efforts aimed at the automotive Tier 1s and OEMs, in addition to supporting our existing client engagements. Luxoft will continue to invest in TEORA – the Human Machine Interface (HMI) software tool chain that the Company uses to develop scalable, appealing, and swift-to-market car HMI implementations. This new office location reflects Luxoft’s overall commitment to the industry and the Company’s vision for continued engagement with the automotive industry.
This U.S. expansion is in line with the recently announced Global Upgrade Program, where global sales is an important aspect. Luxoft will continue to manage its main client interactions through the offshore / onsite model, increasing the onsite component to 15% over the mid-term from the current 10%. The Company’s new Detroit office should become a hub for client-facing initiatives and is a part of the overall strategy to increase Luxoft’s onsite presence.
Luxoft Holding, Inc (NYSE:LXFT US) is a leading provider of software development services and innovative IT solutions to a global client base consisting primarily of large multinational corporations. Luxoft’s software development services consist of core and mission critical custom software development and support, product engineering and testing, and technology consulting. Luxoft’s solutions are based on its proprietary products and platforms that directly impact its clients’ business outcomes and efficiently deliver continuous innovation. The Company develops its solutions and delivers its services from 15 dedicated delivery centers worldwide. It has over 7,500 employees across 21 offices in 13 countries in North America, Western and Eastern Europe, and Asia Pacific. Luxoft is incorporated in Tortola, British Virgin Islands, has an operating headquarters office in Zug, Switzerland and is listed on the New York Stock Exchange. For more information, please visit http://www.luxoft.com
In addition to historical information, this release 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 include, but are not limited to, statements regarding: the persistence and intensification of competition in the IT industry; the future growth of spending in IT services outsourcing generally and in each of our industry verticals, application outsourcing and custom application development and offshore research and development services; the level of growth of demand for our services from our clients; the level of increase in revenues from our new clients; seasonal trends and the budget and work cycles of our clients; general economic and business conditions in our locations, including geopolitical instability and social, economic or political uncertainties, such as in Russia and Ukraine, and any potential sanctions, restrictions or responses to such conditions imposed by some of the locations in which we operate; the levels of our concentration of revenues by vertical, geography, by client and by type of contract in the future; the expected timing of the increase in our corporate tax rate; our expectations with respect to the proportion of our fixed price contracts; our expectation that we will be able to integrate and manage the companies we acquire and that our acquisitions will yield the benefits we envision ; the demands we expect our rapid growth to place on our management and infrastructure; the sufficiency of our current cash, cash flow from operations, and lines of credit to meet our anticipated cash needs; the high proportion of our cost of services comprised of personnel salaries; our plans to introduce new products for commercial resale and licensing in addition to providing services; our anticipated joint venture with one of our clients; IBS Group Holding Limited and its subsidiaries consideration of further divesting all or a portion of its ownership interest in us; and our continued financial relationship with IBS Group Holding limited and its subsidiaries including expectations for the provision and purchase of services and purchase and lease of equipment; and other factors discussed under the heading "Risk Factors" in the final prospectus for our initial public offering, the final prospectus for our secondary offering and other documents filed with the Securities and Exchange Commission. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.Contact:
Luxoft Holding, Inc
Patrick R. Corcoran, +1 212-964-9900 ext. 2453
Manager, Public Relations
Alina V. Plaia, +1 212-964-9900 ext. 2404
Vice-President, Global Communications