Luxoft Continues Momentum as a Leading Global Outsourcing Provider Strategic Engagements, Product Innovation and Leadership Team Additions Drive Growth
MOSCOW and NEW YORK, July 27, 2011 /PRNewswire/ --
Luxoft, a member of IBS Group and a leading global provider of advanced application and product development services, today announced continued momentum fueled by customer and partner engagements, product innovation and strategic leadership team additions.
During the past several months, Luxoft has experienced strong growth due to the increasing demand for high-end applications and product development expertise in the market. In the FY 2010, the company grew its revenue to US$206 million, a 38 % increase YoY. The growing demand for Luxoft's services is attributed to several key developments, including client acquisitions across several strategic verticals, such as automotive, telecommunications, software and media. Notable client wins in these markets include Ford, HP, AMD, T-Mobile, and CLX Europe.
In particular, Luxoft's automotive practice gained significant momentum as a result of continued innovation in the infotainment sector. At the Telematics Update Conference, the company announced a jointly developed in-car media server and Internet connectivity reference platform with Elektrobit. This device enables consumers to browse the Internet, as well as download, share and enjoy digital content on the go. The platform joins DroidBUZZ, LUXdash and LUXnet as solutions that help automotive companies fulfill evolving infotainment needs of modern day consumers.
Further, Luxoft has also unveiled a strategic relationship with Harman International. As part of this engagement, in addition to providing ongoing maintenance of Harman's current products, Luxoft's team of experienced engineers will contribute to the creation and development of new, sophisticated infotainment systems for motor vehicles.
Strategic additions were made to its travel & transportation and energy & utility practices. In the past three months, Jeffrey Osborn joined as the global head of Luxoft's travel & transportation line of business and Joseph Jerz was appointed global head of its energy & utilities group. Mr. Osborn and Mr. Jerz bring more than 45 years of collective experience to their roles at Luxoft and will be tasked with enhancing sales and business development strategies in their respective markets.
"The outsourcing industry is in the midst of an evolution. Companies are in search of global technology service partners who can deliver high-end results and operate as a seamless extension of their teams," said Dmitry Loschinin, president and CEO of Luxoft. "Our continued growth signifies that such companies recognize that our services stand apart from the competition and bring innovative thinking, cutting-edge developmental techniques, and excellence in service delivery to every engagement. With these advantages under our belt, we expect to see a similar growth pattern to continue in the future quarters."
Luxoft, a member of 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, IBM, Harman, Avaya, Areva, 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 the state-of-the-art delivery centres in North America, Central and 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.
About IBS Group
IBS Group is a leading IT services and software development provider in Eastern Europe. Through its two principal subsidiaries, Luxoft and IBS IT Services, it offers a wide variety of information technology services, such as software development, IT outsourcing, business and IT consulting, business applications implementation. IBS Group is headquartered in Russia and has business operations in Russia, Canada, Germany, Romania, Poland, Switzerland, UK, Ukraine, USA, Vietnam and Singapore. IBS Group employs more than 7,300 people worldwide. According to the preliminary unaudited accounts for financial year 2010, IBS Group reported US GAAP revenues of US$656m.
IBS Group's Global Depositary Receipts are listed on the Regulated Market (General Standard) of the Frankfurt Stock Exchange (Bloomberg: IBSG: GR; Reuters: IBSGq.DE). IBS Group is majority-owned by management with portfolio investors holding 35% of the Group's share capital. For more information on IBS Group, please visit http://www.ibsgr.com.
SOURCE IBS Group Holding Ltd