Luxoft - world’s #1 IT Outsourcing Product Engineering vendor in the 2006 Black Book of Outsourcing

Black Book of Outsourcing Recognizes Russian Leader’s Expertise, Innovation

New York & Moscow, Feb 13, 2007 — Adding to its distinguished list of industry accolades, Luxoft, one of Russia’s leading providers of IT outsourcing services, has been named the world’s #1 IT Outsourcing Product Engineering vendor in the 2006 Black Book of Outsourcing.

In claiming the top spot in the Black Book of Outsourcing’s, Luxoft outpaced the biggest names in global sourcing. In addition, Luxoft was named #2 in the category of IT outsourcing firms in Eastern and Central Europe.

The ranking is compiled by Brown & Wilson Group, Inc. as part of the Black Book of Outsourcing - annual, independent, nonbiased ranking of outsourcing vendors by users, clients and analysts. It is based on a number of factors, including client satisfaction and relationships, innovation, and implementation.

“When it comes to product engineering, Luxoft delivers a unique and powerful combination of innovation, breadth of offerings, and scalability,” said Doug Brown, co-author, The Black Book of Outsourcing. “Luxoft’s product engineering capabilities are supported by best of breed technology, strong security, and a commitment to customer care.”

Luxoft’s product engineering award comes in the wake of being named to the Top Three for emerging European vendors of the Global Services 100 and taking the National Outsourcing Association’s “Financial Outsourcing Project of the Year 2006” for its work with Deutsche Bank. Luxoft also earned a “Best Employer of Russia” 2006 award from the Russian Chamber of Commerce and Industry.

“Being recognized as a world-wide leader in Product Engineering is a testament to the great IT services Luxoft teams have been providing to our clients many years. Our groundbreaking work on complex product engineering assignments delivers tremendous value to clients like IBM, Areva, and many others,” said Dmitry Loschinin, President and CEO, Luxoft. “This award validates Luxoft’s maturation, its laser focus on growing its vertical expertise, and our top flight technology talent.”

TOP 10 ITO: PRODUCT ENGINEERING

About Luxoft

Luxoft, founded in 2000, is a global software developer and IT services exporter with operations in the US, Canada, UK, Ukraine and Russia. Luxoft has the world’s largest delivery capabilities in Russia and CIS.

Luxoft provides a full range of custom software development services and enjoys long-term relationships with clients including some of the best-known global business 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 Russian development centers in Moscow, St. Petersburg, Dubna and Omsk as well as centers in Kiev and Odessa, Ukraine and Vancouver, Canada.

Luxoft won the National Outsourcing Association’s “Financial Outsourcing Project of the Year 2006” for its work with Deutsche Bank and the company has recently been recognized by BusinessWeek as a top emerging outsourcing provider in Russia and Eastern Europe. Luxoft was also 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. Luxoft was also the only IT company to be recognized with a Russia’s Best Employer 2006 awards given by the Russian Chamber of Commerce and other leading Russian employment and business agencies.