Luxoft

Luxoft
Public
Traded as NYSE: LXFT
Industry Software development
Founded Moscow, Russia (June 1, 2000)
Headquarters Switzerland, Zug, Zug, Switzerland
Area served
 Worldwide
Key people
 CEO Dmitry Loschinin
Services IT, business consulting and outsourcing services
Number of employees
 7,700[1]
Website www.luxoft.com

Luxoft is an international custom software development and IT outsourcing company with more than 7,700 employees across 22 offices in 14 countries.[1][2] It is incorporated in Tortola, British Virgin Islands, has its operating headquarters office in Zug, Switzerland, tax domiciled in London, and is listed on the New York Stock Exchange. It is a unit of the Moscow-based IBS Group Holding Ltd.[1]

History

Luxoft was initially established in 1995 in Moscow as a development center of IBS, an IT holding company. In April 2000, the development center was incorporated as a separate entity under the direction of Dmitry Loschinin.

As of 26 June 2013, Luxoft is listed on the New York Stock Exchange, following an initial public offering of 4.1 million shares at $17 each.[3] According to IBS President and main shareholder Anatoly Karachinsky, Luxoft was spun off in order to "unlock value for shareholders who aren’t interested in the Russian part of the group’s business". The move was inspired by a similar IPO by rival company EPAM Systems.[4]

After the pro-Russian unrest and Russian military intervention in Ukraine in 2014, Luxoft "relocated its senior management and about 100 engineers this year from Russia and Ukraine to Switzerland"[5] after the company's western clients "urged the company to reduce exposure to Ukraine and Russia".[6] The company had had offices in three Ukrainian cities—Kiev, Odessa, and Dnipropetrovsk—and as of March 2014, 49% of its employees were based in Ukraine and 29% in Russia.

Clients and services

Luxoft's clients "consist[] primarily of large multinational corporations", such as UBS AG, Boeing, Ford Motor Co., and Deutsche Bank. For example, Luxoft created software that facilitates determining a customer's creditworthiness for Deutsche Bank. Other products have included "derivative trading systems for banks and computer-vision navigation that matches a moving image from a camera mounted in a car to locations on a map".[7]

Global expansion

Luxoft has development centers in Romania (Bucharest),[8] Vietnam (Ho Chi Minh City), Poland (Krakow), Bulgaria (Sofia), Russia (Moscow, St. Petersburg, Omsk) and Ukraine (Kiev, Odessa, Dnipropetrovsk).[9] Representative offices of the company are also located worldwide in: USA (New York, NY; Seattle, WA), Europe (London, UK; Frankfurt, Germany) and Asia (Singapore).[10]

See also

Notes

  1. ↑ 1.0 1.1 1.2 "Luxoft Holding, Inc. Announces Approval of the Reorganization of IBS Group Holding Limited". Luxoft investor center. 28 October 2014.
  2. ↑ "Luxoft Fact Sheet". Luxoft. Retrieved 24 February 2014.
  3. ↑ "Russian software developer Luxoft jumps in NYSE debut". Reuters. 2013-06-26.
  4. ↑ Khrennikov, Ilya (23 May 2013). "Russian-Backed Software Company Luxoft Files for U.S. IPO". Bloomberg.
  5. ↑ Jason Corcoran; Jake Rudnitsky; Serena Saitto (27 October 2014). "Russian Brain Drain Saps Talent as Sanctions Hit Financing". Bloomberg.
  6. ↑ Khrennikov, Ilya (28 May 2014). "Luxoft to Move 500 Programmers From Ukraine, Russia Amid Risks". Bloomberg.
  7. ↑ Khrennikov, Ilya (17 September 2013). "Ex-Soviet Programmers Take On India in $48 Billion Market". Bloomberg.
  8. ↑ globalservicesmedia.com (2008-07-22). "Luxoft Acquires Romania's ITC Networks". Krakow, Poland: globalservicesmedia.com. Retrieved 2012-02-20.
  9. ↑ developers.org (2009-07-20). "Luxoft Profile on Developers.org". Krakow, Poland: developers.org. Retrieved 2012-02-20.
  10. ↑ Luxoft (2012-10-20). "Global Delivery approach ;". Krakow, Poland: Luxoft. Retrieved 2012-12-15.

External links

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