Progress Software Corporation (NASDAQ: PRGS), a leading software provider that enables enterprises to be operationally responsive, has today announced a Capital Markets focused partnership deal for the provision of services with Luxoft, a Russia-based IT development firm.

The move follows Progress Apama’s recent expansion into Central Eastern Europe (CEE) and the Commonwealth of Independent States (CIS). Luxoft, which was recently voted #1 IT Outsourcing Service Provider in Eastern and Central Europe, hosts development centers in Moscow, Kiev and Bucharest and will now be provide services for Apama related projects to its capital markets customer base.

“With global competition heating up in recent years, demand for electronic trading has increased dramatically across the CEE capital market scene,” said Alexander Sirotin, Director of Sales, CIS and CEE Region of Progress Apama. In addition to this, the fallout out from the economic crisis has forced new approaches to risk management and surveillance. “Like ourselves, Luxoft has a strong heritage within capital markets and sees this as an exciting time to be involved in providing traders with the full suite of tools they will need to be competitive, while staying within regulatory boundaries.”

Yuri Elkin, Managing Director of Luxoft’s Financial Practice from said: “We have a strong culture of providing innovation and software engineering excellence for our broad range of financial services clients. Progress Apama have a similar approach and this partnership will allow us to build on our growing leadership in financial services sector”.