Luxoft Finalizes Acquisition of IT Consulting International

New York, May 4, 2006 – Luxoft, the global provider of IT outsourcing services, today announced that it has finalized the acquisition of IT Consulting International (ITCI) and moved its United States headquarters to Wall Street.

The merger, announced last month and finalized May 1, brings together Luxoft’s long-term client partnerships with global business leaders such as IBM, Boeing, Dell, and Deutsche Bank and ITCI’s vertical expertise in financial services. In addition, the deal expands U.S. operations and client support capabilities and creates additional global service offerings. The new company now has more than 1,500 employees worldwide, with combined 2005 revenue of more than $45 million.

“This acquisition is another step in providing world-class expertise and talent to our clients,” said Dmitry Loschinin, President and CEO, Luxoft. “The tremendous financial services aptitude of the combined team and prominent New York profile will serve Luxoft and its clients well for years to come.”

Lev Saks, the new CEO of Luxoft, USA, added, “The strong U.S. on-site presence coupled with a deep pool of talent in Russia and Eastern Europe makes for a particularly flexible and productive outsourcing combination.”

Luxoft has recently been recognized by BusinessWeek as the top emerging outsourcing provider in Russia and Eastern Europe, was ranked as the top IT services company on the Rising Star list in the IAOP’s Global Outsourcing 100, and was featured in Global Services Magazine’s Global Services 100 which recognizes the world’s most innovative business and technology service providers.

About Luxoft

Luxoft is a leading software developer and IT services exporter in Eastern Europe. Founded in 2000 and a member of the IBS Group, Luxoft has operations in the U.S., U.K., Ukraine and Russia.

Leveraging a unique, proven offshore engagement model, LUXguide, Luxoft provides a full range of custom software development services on various platforms and technologies. Luxoft enjoys long-term business relationships with clients across IT, Manufacturing, Energy, Aviation, Finance and Government sectors including some of the best-known global leaders, such as Boeing, Deutsche Bank, IBM and Dell.  Luxoft also works closely with many mid-size growth companies and independent software vendors (ISVs).

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 offshore development centers in Moscow, St. Petersburg, Dubna, Omsk, and Kiev, Ukraine.