Luxoft Holding, Inc. (NYSE:LXFT), a leading provider of software development services and innovative IT solutions to a global client base, today announced opening new offices in line with its strategy for continued growth and diversification of global sales and delivery. Demand for Luxoft's engineering services and deep domain expertise from new and existing clients continues to steadily rise, creating a need to open three new offices and expand its presence in Stuttgart, Germany. As a result of the Company's current business pipeline, Luxoft has not only built upon its core presence in Central and Eastern Europe, but also entered into a new geography Sweden. Luxoft has opened the following new offices:
- Tricity, Poland
- Munich, Germany
- Stockholm, Sweden
In addition to existing operations in Wroclaw and Krakow, Luxoft has opened a new delivery location in Tricity (consisting of three cities: Gdansk, Gdynia, and Sopot) to support its entire delivery ecosystem. The Company has operated in Poland since 2010, and as of September 30, 2015 this location represented over 15% of total delivery headcount. Tricity is home to 10 universities and is one of the fastest growing metropolitan areas within Poland. The advantages of Poland continue to spark interest from all industries that are in search of superior talent and seek to enjoy the differentiating benefits of nearshore delivery.
Luxoft is supporting Financial Services, Automotive, and Aviation projects from Tricity, and the Company expects to grow the location at least to 500 engineers over the next several years. In conjunction with Poland, the Company has also increased its presence in Germany, opening a new office in Munich and expanding its existing office within Stuttgart, which has been in operation for over two years successfully providing nearshore services to clients. These locations in Germany will continue to function as client-facing and business development offices, mainly benefitting Luxoft's Automotive line of business, but both possess ample potential to service other verticals in the Company's portfolio.
Alongside Poland and Germany, Luxoft opened its first office in the Nordic region, in Stockholm, Sweden, with a specific mandate of serving new contracts and helping manage Luxoft's client and potential client relationships in the region. The office is designed to respond to all current lines of business (focusing on Automotive and Telecommunications in the short term), and expand its current support of Luxoft's market-leading financial services clients.
"We are very excited about the steady expansion of our dedicated global delivery center ecosystem," said Luxoft's Vice President for Global Delivery, Dmitry Kushnir. "As with all of Luxoft's new locations, their establishment is driven by business demands. We are responding to our clients' needs for focused domain expertise, agile delivery and nearshore convenience leveraging our existing delivery center presence and, as always, entering new and exciting geographies that support and enhance our current footprint. From a regional perspective, Sweden is particularly interesting as it gives Luxoft a much stronger foothold in a region where opportunities exist in multiple industries, and from a global perspective, Poland and Germany continue to play a very important role in the overall maturation of Luxoft's delivery model."
The new enhancements to the global dedicated delivery model elevate Luxoft's total office count to 30, all of which are spread across 16 countries in multiple regions. The Company views these offices as important pillars in sustaining strong client relationships and fostering new business opportunities across multiple industries. The new locations will give Luxoft improved access to new geographies and reinforce the Company's differentiating nearshore delivery in existing ones.
About Luxoft
Luxoft Holding, Inc. (NYSE:LXFT) is a leading provider of software development services and innovative IT solutions to a global client base consisting primarily of large multinational corporations. Luxoft's software development services consist of core and mission critical custom software development and support, product engineering and testing, and technology consulting. Luxoft's solutions are based on its proprietary products and platforms that directly impact its clients' business outcomes and efficiently deliver continuous innovation. The Company develops its solutions and delivers its services from 27 dedicated delivery centers worldwide. It has over 10,000 employees across 30 offices in 16 countries in North America, Mexico, Western and Eastern Europe, Asia Pacific, and South Africa. Luxoft is incorporated in Tortola, British Virgin Islands, has its operating headquarters office in Zug, Switzerland and is listed on the New York Stock Exchange. For more information, please visit http://www.luxoft.com.
Forward-Looking Statements:
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, 2015 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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Contacts:
Luxoft Holding, Inc.
Alina V. Plaia, 212-964-9900 ext. 2404
Vice-President, Global Communications
IR@luxoft.com
or
Patrick R. Corcoran, 212-964-9900 ext. 2453
Manager, Public Relations
pcorcoran@luxoft.com
