UBS Signs a 3-Year Strategic Vendor Contract with Luxoft
November 21, 2016
November 21, 2016
NEW YORK --(BUSINESS WIRE)--Nov. 21, 2016-- "NYSE:LXFT" 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 signing of a three-year agreement with UBS, one of its largest customers. The agreement has a minimum target spend of USD 300 million or USD 100 million a year on average, and "NYSE:LXFT" Luxoft will have strategic vendor status for UBS IT during the entire term. The strategic framework includes business and technology consulting for cost efficient regulatory compliance and innovative digital transformation in the areas of trading, finance, accounting, regulatory and others.
“Luxoft and UBS have been building a strong relationship since 2006 with "NYSE:LXFT" Luxoft contributing to the Bank’s complex engagements as a Change The Business (CTB) category vendor. We’re helping UBS leverage new innovative technologies and processes such as cloud, big data and data analytics, machine learning to optimize their business and transform the way they engage with customers,” said "NYSE:LXFT" Luxoft President and CEO, Dmitry Loschinin. “We are proud to be a trusted partner for UBS, assisting them in simplification of their IT infrastructure, continuous performance improvement, as well as shifting to a mutually beneficial new age output- and outcome based managed services model.”
“Our goal is to continue building leading-edge customer-facing technologies which enable us to provide the best user experience for years to come,” said UBS CIO Michael Dargan. “Luxoft has been a trusted vendor for UBS for nearly a decade. We are confident in their deep understanding of the financial services industry and end-to-end solution implementation skills and thus Luxoft’s ability to assist us in the global transformation process.”
UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. The operational structure of the Group is comprised of our Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal Corporate Banking, Asset Management and the Investment Bank. UBS's strategy builds on the strengths of all of its businesses and focuses its efforts on areas in which it excels, while seeking to capitalize on the compelling growth prospects in the businesses and regions in which it operates, in order to generate attractive and sustainable returns for its shareholders. All of its businesses are capital-efficient and benefit from a strong competitive position in their targeted markets.
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, 2016 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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