Luxoft

Luxoft
Public
Traded as NYSE: LXFT
Industry Software development
Founded 2000
Headquarters Switzerland, Zug, Zug, Switzerland
Area served
 Worldwide
Key people
 CEO Dmitry Loschinin
Services application development, Mobile application development, software engineering, IT consulting and User experience design
Revenue Increase US$785.6 million (2017)[1]
Number of employees
 12,700
Website www.luxoft.com

Luxoft is an international custom software development company with more than 12,700 employees, 39 offices in 19 countries in North America, Mexico, Western and Eastern Europe, Asia Pacific, and South Africa. 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. Their customer list consists of over 170 clients, over 30 of which are high potential accounts (next UBS, Boeing, Harman etc.).[2]

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".[4]

After the pro-Russian unrest in Ukraine in 2014, Luxoft "relocated its senior management and about 100 engineers this year from Russia and Ukraine to Switzerland".[5][6] The company 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.

Initial Public Offering

Luxofts initial public offering took place on June 26, 2013 priced at $17.00 per ordinary share. UBS Limited, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, VTB Capital plc and Cowen and Company, LLC were the joint book running managers for the offering. Dmitry Loschinin, CEO, commented: “Our successful IPO is the ultimate testament to the unique talent pool in Central and Eastern Europe, our employees that made the company into a success story. We are the second technology company with the resources in that region that is being supported by the investors globally, recognized and welcomed by U.S. tech investors and is welcomed by NYSE Euronext over the last 18 months.”[7]

Clients and services

Luxoft's clients "consist primarily of large multinational corporations", such as 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".[8]

Global expansion

Luxoft has development centers in Romania (Bucharest),[9] Malaysia (Penang), Vietnam (Ho Chi Minh City), Poland (Krakow, Wroclaw, Tricity), Bulgaria (Sofia), Russia (Moscow, St. Petersburg, Omsk) and Ukraine (Kiev, Odessa, Dnipropetrovsk).[10] Representative offices of the company are also located worldwide in: United States (New York, NY; Seattle, WA), Europe (London, UK; Frankfurt, Germany) and Asia (Singapore).[11]

Luxoft is actively pursuing M&A strategy having recently acquired local companies in USA, United Kingdom, Germany, Denmark (2014-2016).

Acquisitions

Company name Industry Date of acquisition Reference
Radius Inc. Internet of Things/Big data 2014 [12]
Excelian Financial services 2015 [13]
Symtavision Automotive - Timing Analysis 2016 [14]
Pelagicore AB Automotive 2016 [15]
INSYS Group Healthcare/Telco 2016 [16]
IntroPro TMT 2017 [17]

References

  1. ↑ "Luxoft Holding, Inc Reports Results for Three Months and Full Financial Year Ended March 31, 2017". Retrieved 20 July 2017.
  2. ↑ "When Business Demands Change, Luxoft Responds". SuperbCrew. Retrieved 2016-01-07.
  3. ↑ "Russian software developer Luxoft jumps in NYSE debut". Reuters. 2013-06-26.
  4. ↑ Khrennikov, Ilya (May 23, 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. ↑ "Luxoft Holding, Inc Announces Pricing of Initial Public Offering". www.luxoft.com. Retrieved 2017-07-11.
  8. ↑ Khrennikov, Ilya (17 September 2013). "Ex-Soviet Programmers Take On India in $48 Billion Market". Bloomberg.
  9. ↑ globalservicesmedia.com (2008-07-22). "Luxoft Acquires Romania's ITC Networks". Krakow, Poland: globalservicesmedia.com. Retrieved 2012-02-20.
  10. ↑ developers.org (2009-07-20). "Luxoft Profile on Developers.org". Krakow, Poland: developers.org. Retrieved 2012-02-20.
  11. ↑ Luxoft (2012-10-20). "Global Delivery approach ;". Krakow, Poland: Luxoft. Retrieved 2012-12-15.
  12. ↑ "Luxoft Acquires Radius Inc., a Next Generation Technology Solution Provider Focused on IoT". The Street. 2014-10-06.
  13. ↑ "Luxoft follows GFT with UK acquisition". Megabuyte. 2015-02-19.
  14. ↑ "Luxoft Acquires Symtavision, a Leading Provider of Software Tools and Services for Real-time System Design and Development for the Automotive Industry". BusinessWire. 2016-02-23.
  15. ↑ "Luxoft acquires Pelagicore AB". Reuters. 2016-09-13.
  16. ↑ "Luxoft acquires INSYS Group". Reuters. 2016-07-18.
  17. ↑ "Luxoft acquires Ukrainian software development company IntroPro". Reuters. 2017-02-06.
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