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New York, Moscow, December 13, 2011 – Luxoft, a principal subsidiary of IBS Group and a provider of advanced application and software engineering outsourcing services, today announced that it has been interviewed for and cited by Forrester Research Inc. in the November 2011 report: “Offshore Innovation: Yesterday’s Expectations are Today’s Table Stakes.”
According to the report, “Client expectations for innovation are changing rapidly, and the ability to deliver new innovation capabilities is now the hallmark of strategic offshore relationships. Clients say that what was once considered innovation from offshore providers (i.e., the value-added capabilities that these providers offered in the past) is now viewed as mere table stakes.”
To explore the evolving demands for innovation, Forrester interviewed 39 vendors and 11 user companies of offshore IT services during Q2 and Q3 2011. The goal of the report was to identify examples of innovation and the characteristics of those vendors who are breaking down the perceived barriers to innovation.
Among the factors noted in the report as key to offshore innovation, Luxoft was identified as an organization that helps clients evolve their outsourcing initiatives to professional services engagements that facilitate more productive partnerships with strategic clients. The report states, “To facilitate innovation, clients need to be open to new types of engagement models. They are turning their thought process away from penny pinching and contractual terms and conditions (T&Cs) and toward a willingness to invest in the relationship with select vendors.”
“We recognized early-on that our clients’ definition of innovation was quickly changing, and as a result, we knew that it was absolutely critical for Luxoft to establish a vision that positioned the Company as highly competitive in the marketplace,”
said Dmitry Loschinin, president and CEO of Luxoft.
“After deploying extensive internal R&D efforts, converting existing vertical expertise into reusable know-how, and establishing dedicated centers of excellence, our innovation capabilities are stronger than ever. We believe that we are positioned extremely well to help our clients achieve innovation, a notion evident from their continued investments in our services.”
The ability to develop strategic long-term relationships with its client base is one reason why Luxoft has sustained consistent growth year-over-year since its inception in 2000. Of its 10 largest clients, eight have been technology partners for more than five years and each has significantly increased Luxoft’s scope and involvement in strategic service-based initiatives. Harman International, for example, has worked with the Company for more than four years relying on Luxfot’s ability to continually innovate and help with the development of future products and platforms that are critical to meeting evolving consumer demands in the automotive market.
For Luxoft innovation does not stop at the client level – it is a commitment that is engrained in the business culture. For example, Luxoft has established an in-house client-centric program named LEAP (Luxoft Engineering Advancement Program). LEAP is designed to be a fun and interactive incentive to encourage innovative thinking by all of Company’s employees– from engineers to senior-level executives. The program also aims to motivate and recognize those staff members who despite being constantly engaged in ongoing client projects, go an extra mile by suggesting ideas and committing to the additional work on various internal R&D projects. This kind of original thinking and willingness to develop new skills keeps Luxoft on the cutting edge of the software outsourcing industry.
Luxoft, a principal subsidiary of IBS Group, is a provider of advanced application and software engineering outsourcing services for global and regional enterprises. Luxoft builds partnerships with its clients, such as Boeing, IBM, Deutsche Bank, UBS, Harman, Avaya, Alstom, Sabre, based on the culture of engineering excellence, innovation, and deep domain expertise. Luxoft offers international delivery capability through its network of state-of-the-art delivery centers in North America, Eastern Europe, and Asia. Luxoft`s customers benefit from the right mix of technology skills, industry knowledge, proprietary processes and methodologies, and a choice of engagement models.
GroupIBS Group is a leading software development and IT services 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 8,000 people worldwide. In financial year 2010 IBS Group reported US GAAP revenues of $656 million.
IBS Group is majority-owned by management with portfolio investors holding 37% of the Group’s share capital. For more information on IBS Group, please visit www.ibsgr.com.