London, Moscow, December 16, 2008 — Luxoft, a global provider of high-end application and product development services, today announced that for the second consecutive year it has been included in one the most comprehensive and respected rankings of the EMEA region’s fastest-growing technology companies. The ranking results were announced on November 25th, 2008 in London. With 501 percent growth over the last five years, Luxoft is the only Russian service provider in this year’s top 500.

The ranking compiled by Deloitte since 2002, recognizes technology companies in Europe, the Middle East and Africa that have achieved the fastest rates of annual revenue growth during the past five years.

To qualify for the ranking, applicants must be involved in proprietary technology, manufacture a technology product or be deeply involved in technology research and development. The firms must also be in business at least five consecutive years and have its headquarters in Europe, the Middle East or Africa. Applying companies have to have operating revenues of at least 50,000 euros in 2003 and a minimum of 800,000 euros in 2008.

“Technology Fast 500 EMEA has long been considered as an indicator of IT industry growth. The rating includes fast-growing companies that are focused on continuous technological evolvement and quality. Luxoft’s compound annual growth rate has recently been higher then that of an industry as a whole. Consecutive inclusion in Deloitte’s rating is expected and reconfirms Luxoft’s status as of one of the most dynamically growing software development service providers in Europe”, commented Dmitry Loschinin, CEO & President of Luxoft.

About Luxoft
Luxoft, a member of the IBS Group, is an emerging global leader in application and product engineering outsourcing services for enterprise IT organizations and software vendors. Luxoft builds lasting partnerships with its clients, such as Boeing, Deutsche Bank, UBS, Dell, IBM, Sabre and other global leaders, based on the culture of engineering excellence, innovation, and deep domain expertise. Luxoft offers global delivery capability through its network of state-of-the-art delivery centers in North America, Central & Eastern Europe, and Asia. Luxoft’s customers benefit from the right mix of technology skills, industry knowledge, best-of-breed processes and methodologies, and a choice of engagement models.

Luxoft is the recipient of the 2007 Frost & Sullivan Global Outsourcing Growth Excellence & Customer Value Leadership Award, as well as the Applied Innovation Award from the IAOP and Wipro, ITAA and Forbes (together with Deutsche Bank).