Luxoft, a leading global provider of advanced application and product development services and a member of IBS Group, today announced that it has been named Outsourcing Provider of the Year by the European Outsourcing Association. Additionally, the company’s Ukraine-based Development Center was also honored with the Outsourcing Destination of the Year award.

The European Outsourcing Association Awards honors best practices, innovators and leaders in the outsourcing industry. The awards program takes place during the European Outsourcing Association Summit, a two-day gathering of the world’s leading outsourcing suppliers, end users and support service providers focusing on the latest innovations, trends and developments in the European outsourcing market.

Luxoft was selected as the 2011 Outsourcing Service Provider of the year due in part to its strong client commitment, engineering excellence, exceptional talent pool, industry and technical domain expertise, best-in-class processes, and flexibility in working with clients in diverse industries. In addition, Luxoft Ukraine was recognized as Outsourcing Destination of the Year reflecting its development of high-end solutions, advanced project engineering capabilities and strong commitment to R&D and embedded systems development for companies in financial services, automotive telecommunications and e-commerce industries.

“We’re pleased to recognize Luxoft as the EOA Outsourcing Service Provider and its Ukraine location as Offshoring Destination of the Year,” said Yvonne Williams, representative for the European Outsourcing Association. “It’s evident that the company has worked tirelessly to provide exceptional value and quality products to their clients during the past year. This, in addition to their contributions to the outsourcing industry as a whole, serves as an excellent example of what the EOA looks for in honorees of this prestigious awards program.”

“We are honored to be recognized as this year’s outsourcing provider and destination of the year by the European Outsourcing Association,” said Dmitry Loschinin, president & CEO, Luxoft. “It is evident that the outsourcing industry is rapidly evolving as companies are more and more in need of technical and domain expertise to progress their businesses. In response, we have put much emphasis in ensuring that our people, products and services address the changing needs of our clients. Receiving these prestigious awards further validates our strategy.”

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.

IBS 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 7,200 people worldwide. According to the preliminary unaudited accounts for financial year 2010, IBS Group reported US GAAP revenues of US$656m.

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 http://www.ibsgr.com.