Only Russian Company Selected for Three Best of Class Categories at Global Sourcing Summit

Montvale, NJ, Nov., 2005 – Luxoft, Inc., Russia’s leading software developer and IT services exporter, was selected as a finalist for three out of four “Best of Global Sourcing Summit Awards” in Innovation, Vendor/Client Collaboration and Solutions Delivery.

Held earlier this month, the Gartner conference is an exclusive, invitation-only event. The “Best of Global Sourcing Summit Awards” are voted solely by the event’s attendees – senior IT and business executives from Fortune 1000 companies, who have a defined need to evaluate and select sourcing strategies. Attendees nominated vendors based on their corporate maturity, demonstrated experience and credibility, and the content of presentations delivered at the boardroom sessions.

“At this still early point in the global sourcing lifecycle, IT executives are very interested in who their peers regard as being the most reputable and high-performing sourcing vendors. And so, Global Sourcing Summit Awards are not only a vote of confidence for vendors who achieve this coveted recognition – it also helps IT executives make confident sourcing decisions by learning who their colleagues consider the offshore vendors-of-choice," says Ian Marriott, Vice President, Research Director, Gartner Group.

In October, Luxoft was named a finalist for Offshoring Operation of the Year at the National Outsourcing Awards, held in London, sponsored by the NOA, a not for profit trade association.

“We invest significant effort and resources to ensure continuous innovation, smooth client collaboration and world-class quality control for consistent solutions delivery. Being selected as a finalist alongside established industry leaders like Tata Consultancy Services and Satyam, we feel, validates our approach, processes, and great people,” says Dmitry Loschinin, President and CEO, Luxoft. “We believe these nominations are recognition of Luxoft’s new strategic directions in the area of client partnerships and increased focus to such vital areas as compliance and security issues. Introduced last month, Luxoft’s Product Development & Maintenance service leverages innovative processes, Agile methodologies, latest technologies, and delivery models.”

For Luxoft, 2005 has been a year of significant milestones. Since 2000, Luxoft has averaged 100 percent revenue growth year over year. With more than 1,400 employees across five offshore development centers, including a new facility in Kiev, Ukraine, Luxoft is among Eastern Europe’s largest players in the offshore software development market. (In terms of valuation, Luxoft generates over 25 percent of the aggregate revenue of the 10 largest Russian software development services exporters.) The company develops long-term relationship with its customer base of some of the best-known global Fortune 500 corporations such as Boeing, Deutsche Bank, IBM, Citibank, and Dell. Luxoft projects are so successful that 90 percent of its customers sign on for additional projects.

About Luxoft
Luxoft, a global IT company, is Russia’s leading software developer and IT services exporter. The company, which was founded in 2000, has operations in the US, UK and Russia.

Leveraging a unique, proven offshore engagement model, Luxoft provides a full range of custom software development services for IT solutions on various platforms and technologies. 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. Luxoft enjoys long-term business relationships with clients across IT, Manufacturing, Energy, Aviation, Finance and Government sectors including some of the best-known global Fortune 500 corporations such as Boeing, Deutsche Bank, IBM, Citibank, and Dell. Luxoft also works closely with many mid-size growth companies.