Luxoft, a member of IBS Group and a top quality global business technology service provider, today announced that it has been named to the 8th annual FinTech 100 list and has been awarded “Best Banking Technology Company in Eastern Europe” by World Finance Magazine.

Sponsored by American Banker, Bank Technology News and IDC Financial Insights, the FinTech 100 list honors the top global financial technology companies, ranking them based on the volume of business conducted exclusively in the financial sector. In its third consecutive year on the list, Luxoft has demonstrated increased growth as a top-quality service provider in the financial services industry through strategic engagements with UBS and Deutsche Bank for which Luxoft develops and maintains key business process solutions. As such, Luxoft’s position on the list has advanced 18 spaces from its 2010 ranking.

In addition, Luxoft was also the proud recipient of the “Best Banking Technology Company” honor for Eastern Europe as part of World Finance Magazine’s 2011 Technology Awards. The Technology Awards recognize annually the top financial and business organizations around the world based on their innovation capabilities, quality of products and market development.

“Luxoft’s inclusion in the FinTech 100 list and recognition as the best banking technology company in Eastern Europe by World Finance Magazine signifies that our software development expertise, deep domain knowledge and innovation efforts in the financial services market are unmatched,”

said Yuri Elkin, Managing Director, Financial Services at Luxoft.

“Our ability to deliver business-critical solutions for many of the world’s largest banks has caught the attention of industry thought leaders. This increased recognition as well as company’s continued growth in financial services sector are indicative of the value that we provide to companies in this space.”

The FinTech 100 and World Finance Magazine award recognitions are the most recent accolades for Luxoft that illustrate its global leadership and software development expertise in the financial services industry. Earlier this year, Everest Group named Luxoft an influential service provider in the BFSI (banking, financial services and insurance) information technology outsourcing (ITO) market.

About Luxoft

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 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 7,631 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.