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MOSCOW, N.Y. – (BUSINESS WIRE) – Luxoft, a member of IBS Group and a leading global provider of advanced application and product development services, today announced it has been identified as an influential service provider in the BFSI (banking, financial services and insurance) information technology outsourcing (ITO) market by global consulting and research firm, Everest Group. Luxoft, backed by the strength of its relationships with large, prominent banking organizations across the globe, is the only Eastern European technology services provider to make the firm’s Performance/Experience/Ability/Knowledge (PEAK) matrix.
The study by Everest Group, entitled BFSI Outsourcing: Application Outsourcing in Banking – Service Provider Landscape, examined the performance and capabilities of BFSI AO service providers—as well as their relationships with large banking organizations—with the top 22 global providers making the PEAK matrix. These providers were grouped in three categories – Leaders, Major Contenders and Emerging Players.
Everest Group estimates the BFSI ITO market to be $72-80 billion in size, characterized by a robust increase in deal volumes and total contract values, as well as stability in the average duration of deals in the past few years. During this time, Eastern Europe has emerged as a highly-desired outsourcing location for companies looking to capitalize on the availability of skilled IT talent, high-end software development expertise, multi-language capabilities and cultural affinity to Western European countries.
“Eastern Europe serves as a key nearshore outsourcing destination for Europe,” said Jimit Arora, research director at Everest Group. “In recent years, Luxoft has emerged as a credible provider in this region with notable capabilities in application development, package implementation, product engineering and testing services, as well as a strong focus on the banking vertical.”
Luxoft’s position on the matrix is attributed to the growing success of its partnerships with top financial institutions such as Deutsche Bank and UBS, strong business focus on BFSI vertical, delivery footprint, and investments in proprietary solutions.
“Over the past few years, we have put great emphasis on expanding our services to address the needs of the world’s largest financial institutions. Today, our customers partner with Luxoft to develop, deploy and maintain a broad range of business-critical solutions,” said Dmitry Loschinin, president and CEO of Luxoft. “We are proud to be recognized by Everest Group for our achievements and expertise in the financial services space. As we remain on the cutting edge of technological innovation, we expect that Luxoft’s profile as a technology service provider of choice will continue to rise.”
About Everest Group
Everest Group is an advisor to business leaders on next generation global services with a worldwide reputation for helping Global 1000 firms dramatically improve their performance by optimizing their back- and middle-office business services. With a fact-based approach driving outcomes, Everest Group counsels organizations with complex challenges related to the use and delivery of global services in their pursuits to balance short-term needs with long-term goals. Through its practical consulting, original research, and industry resource services, Everest Group helps clients maximize value from delivery strategies, talent and sourcing models, technologies, and management approaches. Established in 1991, Everest Group serves users of global services, providers of services, country organizations, and private equity firms, in six continents across all industry categories. For more information, please visit www.everestgrp.com and www.everestresearchinstitute.com.
Luxoft, a member of the 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, Alstom, 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 state-of-the-art delivery centers in North America, Central & 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, the UK, Ukraine, the USA, Vietnam and Singapore. IBS Group employs more than 7,355 people worldwide. In 2010 financial year, IBS Group reported US GAAP revenues of US$656mm.
IBS Group’s Global Depositary Receipts are listed on the Regulated Market (General Standard) at 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 www.ibsgr.com.