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NEW YORK–(BUSINESS WIRE)–Aug. 23, 2017– Luxoft Holding, Inc. (NYSE:LXFT), a leading provider of software development services, innovative IT solutions, and digital transformation to a global client base, today announced completion of the transaction pursuant to a Share Purchase Agreement to acquire derivIT, a Singapore-based financial services-focused technology consulting company.
derivIT provides a unique blend of technology expertise, deep domain understanding and strong knowledge of leading platforms, such as Murex, in capital markets and credit and risk management. This transaction was closed upon the receipt of the approval by Reserve Bank of India, as well as satisfaction of several other customary conditions precedent.
“Completion of derivIT transaction reinforces a strong foundation on which our company is building its presence and the delivery platform in the APAC. We are very pleased to welcome derivIT team and start realizing expected significant synergies in servicing current high-potential clients in the Asia Pacific region, anchoring new business opportunities in financial, automotive, telecom and other sectors, as well as taking advantage of the immediate cross-selling opportunities we see at this time.”
said Dmitry Loschinin, President and CEO of Luxoft.
The derivIT acquisition adds several delivery centers, which are expected to enhance the scalability of Luxoft’s current distributed delivery center ecosystem into additional locations, such as Bangalore, India; Dubai, UAE; and Tianjin, China. The acquisition also is expected to expand Luxoft’s existing capabilities in Singapore.
“We are excited to join forces with derivIT and continue to strengthen our foothold in Asia Pacific. The region enjoys ample demand for packaged software to streamline operations and generate operational cost savings for continued investments into innovation and digital transformation. Furthermore, the expansion of our sophisticated engineering workforce, which delivers premium consulting and digital-related services from India, Vietnam, and Malaysia, is expected to significantly improve our ability to effectively cater to large enterprises located in Singapore, Australia, Hong Kong, China, and the Middle East.”
said Roman Trakhtenberg, Group Managing Director
and Global Head of Excelian, Luxoft Financial Services.