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SOURCE IBS Group Holding Ltd
RAMSEY, Isle of Man, February 12, 2014 /PRNewswire/ --
Please refer to relevant legal information at the end of the document
Luxoft Holding, Inc. (NYSE:LXFT), a member of the IBS Group and a leading provider of software development services and innovative IT solutions to a global client base, today announced the launch of its new delivery centre in Sofia, Bulgaria.
"Demand for Luxoft's engineering services and domain expertise has been steadily increasing. Thus, the current pipeline has prompted us to expand our core presence in Central and Eastern Europe and to continue growing our global delivery model. I am pleased to announce that we have added Sofia, Bulgaria to the list of locations from which we service our clients," said Dmitry Kushnir, VP Global Delivery Locations at Luxoft. "We have conducted extensive analysis with respect to this expansion to ensure the new geography is in the best interest of our clients and complementary to our existing delivery center ecosystem. We believe Bulgaria is a very good fit and Sofia, in particular, has a wealth of technical talent."
Luxoft is currently present in 13 countries around the world, and this new centre becomes its 20th global location. The Sofia office will initially focus on delivering services and solutions for Luxoft's market-leading financial services clients, with the introduction of clients from other verticals in the near future. Luxoft plans for this location to be fully operational by March 1 and expects to grow its office by 400 employees within the first two years.
Sofia has already proved itself as a viable IT destination. Leading global players, such as HP, SAP, VM Ware and Software AG have established their operations in the city. Among many positives this new location brings into Luxoft's global dedicated delivery model are access to a vast talent pool of about 30,000 seasoned IT professionals and over 3,000 graduates per annum, attractive tax regime, robust infrastructure, convenient location, European Union legislation and security environment. Luxoft believes all of these factors will enhance the value it brings to its clients as well as solidify its delivery network in CEE and globally.
About IBS Group Holding Limited
IBS Group is a leading software development and IT services provider in Central and 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 and IT services outsourcing, IT infrastructure and business applications implementation. IBS Group has business operations in Russia, Ukraine, Romania, Poland, Germany, Switzerland, the UK, the USA, Vietnam and Singapore. IBS Group employs more than 8,500 people worldwide. In the year ended March 31, 2013, the Group reported US GAAP consolidated revenues of USD870.3 million. IBS Group's Global Depositary Receipts are listed on the Regulated Market (General Standard) at the Frankfurt Stock Exchange (Bloomberg: IBSG:GR; Reuters: IBSGq.F).
For more information about IBS Group please visit http://www.ibsgr.com
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