Luxoft Acquires Pelagicore AB, a Sweden-Based Provider of Software Platforms and Services for In-Vehicle Infotainment Systems
September 13 2016 - 9:48AM
Business Wire
Luxoft Holding, Inc. (NYSE:LXFT), a leading provider of software
development services and innovative IT solutions to a global client
base, today announced that it has acquired Pelagicore AB, a leader
in open source software (OSS) platforms and services for in-vehicle
infotainment (IVI) and human machine interface (HMI) development.
The company serves a number of blue-chip corporations and enjoys
industry recognition as thought leaders in the HMI space with deep
expertise in open source technologies, the cross-platform user
interface (UI) development framework Qt, and in IVI systems. Its
product portfolio facilitates richer user experiences (UX) and user
interfaces (UI) in line with the next generation of consumer
electronics.
Pelagicore has strong relationships with premium automotive
OEMs, Tier-1s and silicon vendors. As a co-founder of the newly
announced automotive specific Qt Automotive Suite (view press
release) and also a GENIVI Board member, Pelagicore’s high-level
approach to system design is highly complementary to Luxoft’s
business model in automotive and across other verticals.
“This is a strategic acquisition for Luxoft, solidifying our
positioning as a definitive leader and end-to-end provider for
IVI and HMI development needs for the global automotive and other
Tier-I manufacturers, as companies build the best experience for
their customers who are increasingly demanding access to the latest
and sophisticated technologies,” said Georg Doll, Luxoft Automotive
Managing Director. “We welcome Pelagicore to the Luxoft family. We
believe that their strong leadership team, core expertise and full
stack OSS platform will help take Luxoft’s automotive offering to
the next level, further strengthening our position as one of the
largest independent system integrators for the automotive industry
able to deliver on complex, mission critical software development
projects for OEMs and Tier-1s worldwide.”
Mr. Doll continued: “In addition, we see further applications
for the company’s expertise and solutions across a wide array of
verticals. As digitization is changing the way various smart
devices are designed, blurring the border between the physical and
digital experience, the combination of Pelagicore’s capabilities
and Luxoft expertise creates a much broader cross-vertical
opportunity for device creation. We see a strong fit between
Pelagicore’s device creation solutions and expertise and Luxoft’s
existing embedded and IoT offerings. Pelagicore’s success in
developing advanced engineering frameworks can enhance the value
Luxoft brings to its clients in other verticals including telecom,
consumer electronics and medical devices. We expect that the device
creation strategy will be developed and deployed under the
leadership of Pelagicore’s founders Alex Diebald and Mikael
S�derberg.”
“We are excited about partnering with Luxoft. Jointly, we have a
vision of being the leading independent provider or software
solutions from silicon to pixel enabling our customers to deploy
User Experiences, which we believe are quite simply stunning.
Luxoft offers us access to its agile global delivery platform
enabling us to execute on large-scale strategic engagements and
bring our solutions to a wider market with high quality delivery
services,” commented Alwin Bakkenes, CEO of Pelagicore. “We also
expect our clients to benefit from Luxoft’s complementary in-depth
expertise in design, instrument cluster, advanced driver assistance
systems and autonomous driving, connectivity / internet of things
(IoT), telematics, and navigation technologies. We see our combined
deep expertise in automotive industry as bridging the gap between
automotive and fast moving consumer electronics,” Mr. Bakkenes
added.
“We are proud that we have been able to support a promising
start-up company to become a global leader in the competitive
Automotive Infotainment sector. It is now the right time for
Pelagicore to become part of Luxoft, a global player which shares
Pelagicore’s vision and adds scale and complementary competencies,”
said Christian Zeuchner, Investment Director Fouriertransform
AB.
About Luxoft
Luxoft Holding, Inc (NYSE:LXFT) is a leading provider of
software development services and innovative IT solutions to a
global client base consisting primarily of large multinational
corporations. Luxoft’s software development services consist of
core and mission critical custom software development and support,
product engineering and testing, and technology consulting.
Luxoft’s solutions are based on its proprietary products and
platforms that directly impact its clients’ business outcomes and
efficiently deliver continuous innovation. The Company develops its
solutions and delivers its services from 28 dedicated delivery
centers worldwide. It has over 11,000 employees across 35 offices
in 18 countries in North America, Mexico, Western
and Eastern Europe, Asia Pacific, and South
Africa. Luxoft is incorporated in Tortola, British
Virgin Islands, has its operating headquarters office in Zug,
Switzerland and is listed on the New York Stock Exchange.
For more information, please visit http://www.luxoft.com.
About Pelagicore
Pelagicore is shaping tomorrow’s infotainment systems from
silicon to pixel: we enable silicon with key automotive grade
software components, work upstream with open source software the
way it was intended, and deliver user experiences in line with next
generation mobile devices. From concept to production we prototype,
develop and integrate innovative technologies into connected car
experiences. Experience change at pelagicore.com.
About Fouriertransform
Fouriertransform AB is a Swedish state-owned venture capital
company, with the strategy to invest capital and be an active owner
in companies in the manufacturing industry that have innovative and
commercially viable products. The company, which has a total
investment portfolio of 3 billion SEK, is an owner that provides
expertise, networks and sound ownership governance to help its
portfolio companies achieve their full potential. For further
information, please visit fouriertransform.se.
Forward-Looking Statements
This news release of Luxoft Holding, Inc (“Luxoft”) contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, and Section 21E of the Securities Exchange
Act of 1934. These forward-looking statements include statements
regarding anticipated benefits of the acquisition of Pelagicore AB;
possible or assumed future results of our business and financial
condition; and expectations regarding results of operations,
liquidity, plans and objectives. In some cases, you can identify
forward-looking statements by terminology such as “believe,” “may,”
“estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,”
“expect,” “predict,” “potential,” or the negative of these terms or
other similar expressions. These statements are subject to, without
limitation, risk that Luxoft will not realize some or all of the
anticipated benefits of the acquisition, and the risk factors
discussed under the heading “Risk Factors” in Luxoft’s Annual
Report on Form 20-F for the year ended March 31, 2016 and other
documents filed with or furnished to the Securities and Exchange
Commission by Luxoft. Except as required by law, Luxoft undertakes
no obligation to publicly update any forward-looking statements for
any reason after the date of this news release whether as a result
of new information, future events or otherwise.
All trademarks are recognized and are the property of their
respective companies.
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version on businesswire.com: http://www.businesswire.com/news/home/20160913006045/en/
Luxoft Holding, IncAlina V. Plaia, +1 212-964-9900 ext.
2404Vice-President, Global CommunicationsIR@luxoft.comorPatrick R.
Corcoran, +1 212-964-9900 ext. 2453Director, Public
RelationsPCorcoran@luxoft.com
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