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 UNAFORTIS, a Swiss-based
wealth management consultancy specializing in Avaloq
implementations and business consulting anchored in IT
services.
Avaloq is a provider of fully integrated banking software for
the back, middle, and front office. With a team of in-depth experts
dedicated to Avaloq-related services, UNAFORTIS is one of its
leading implementation partners. This acquisition therefore deepens
Luxoft’s expertise in standardized software and enables Excelian,
Luxoft Financial Services to target a growing global client base
within the wealth management, private, and universal banking
sectors.
The acquisition of UNAFORTIS is the latest example of Luxoft
continuing to build practices around popular standard software
packages, allowing the Company to better differentiate and compete
for complex end-to-end transformational engagements.
In addition, Luxoft intends to offer Avaloq-based services
beyond the predominantly Swiss-client base of UNAFORTIS. Luxoft
therefore plans to work with Avaloq to develop more wealth
management and private banking clients. In particular, Luxoft
expects to build a 150 to 200-engineer global practice, taking
advantage of synergies in the shared markets of Excelian and the
recently acquired derivIT in the UK, APAC, Germany and North
America, as well as the near and offshore – regionally adaptable –
core capabilities of Luxoft.
“We are looking forward to UNAFORTIS joining our growing Luxoft
team. It is a strategically important acquisition, helping us
diversify financial services business outside of our core
investment banking and capital markets presence,” said Dmitry
Loschinin, President and CEO of Luxoft. “Its client base
complements our own, creating mid-term cross-selling opportunities
that can be scaled significantly through our delivery network. This
will add another valuable premium services layer to our core
application development and maintenance offering.”
Increased regulatory pressure, digital disruption and new
entrants to the market have reduced margins for many banks. As a
result, institutions are simplifying their operations by
consolidating their IT platforms and implementing standard packaged
solutions to boost profitability. Thus, Luxoft is responding to an
increase in global demand for software solutions like Avaloq that
set the standards for efficiency and lean solutions.
”We are very pleased with our alliance with Luxoft. We believe
that both the company’s culture and domain expertise will make for
a successful acquisition,” UNAFORTIS founding partners stated. “Our
company has grown significantly in the last few years and still has
a deep pipeline for further growth. We will help Luxoft grow its
presence in wealth management and private and retail banking with
the support of our highly skilled consultants.”
Francisco Fernandez, Group CEO and Chairman of the Board of
Directors of Avaloq, welcomes Luxoft and UNAFORTIS embracing
cooperation: “Avaloq is looking to expand its ecosystem of capable
and knowledgeable implementation partners, as our software and our
transaction processing offering is gaining popularity daily. We are
convinced that Luxoft as a leading global IT services and
consulting company, in combination with UNAFORTIS’ expertise as a
full-service provider of Avaloq services, is best positioned to
provide a strong execution scale and create multiple new business
opportunities for the future growth of the Avaloq ecosystem.”
About Luxoft
Luxoft Holding, Inc. (NYSE:LXFT) a leading provider of
software development services and innovative IT solutions to a
global client base consisting primarily of large, multinational
corporations predominantly in Europe, North America and Asia
Pacific. The Company’s software development services consist
of core and mission critical custom software development and
support, product engineering, and technology consulting. Its
bespoke solutions include technology architecture selection and
other consulting, proprietary products and/or standard system
software and platforms, as well as implementation and
maintenance. Through its services and solutions, the Company
helps its clients improve their competitive position by increasing
efficiency, optimizing costs, and enabling changes through
disruptive digital technologies that enhance end-user experience
and shorten time-to-market. The Company develops its solutions and
delivers its services from 37 dedicated delivery centers worldwide.
It has more than 12,800 employees across 42 offices in 21 countries
within five continents – North America, Europe, Africa, Asia, and
Australia. 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 UNAFORTIS
UNAFORTIS is a Swiss company, whose business spans over a
decade, specializing in business consulting, Avaloq implementation
and other IT services, including testing. With a team of solid
Avaloq experts, UNAFORTIS is one of the leading end-to-end
implementation partners for the Avaloq Banking Suite. Its customer
list has more than 25 banking and wealth management customers in
Switzerland and other countries. It has a motivated and experienced
team with complementary talents and methodical, professional,
technical, social and product-centered capabilities. UNAFORTIS
follows an implementation-oriented approach in consulting,
providing not only conceptual and methodical consulting services,
but also implementing on customers' requirements. Please visit
http://www.unafortis.com/welcome for further details.
About Avaloq
Established in 1985, Avaloq is a technology-driven financial
services provider for wealth management, universal and retail
banks. The Company develops and provides software for core banking
(focused on customers, transactions and account management),
serving more than 155 financial institutions in
the most demanding financial centers around the world, including
Barclays, Vontobel, HSBC, Pictet, Nomura, RBC and others. In
addition, 270 Raiffeisen banks in Switzerland are served by ARIZON,
a joint-venture of Raiffeisen Switzerland and Avaloq. Avaloq
enables cutting-edge digital client experience with front
solutions, helping financial institutions to achieve
operational and compliance excellence with their BPO
offering. The Company’s core product - Avaloq Banking Suite -
is a leading fully integrated modular banking software solution of
back, middle and front office functionalities. Please refer to
https://www.avaloq.com for more details.
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
information about possible or assumed future results of our
business and financial condition, as well as the 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, the risk factors discussed under
the heading “Risk Factors” in Luxoft’s Annual Report on Form 20-F
for the year ended March 31, 2017 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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Luxoft Holding, Inc.Investor InquiresAlina V.
Plaia, 212-964-9900, ext. 2404Vice-President, Global
CommunicationsIR@luxoft.comorMedia InquiriesPatrick R.
Corcoran, 212-964-9900 ext. 2453Global Director, External
RelationsPress@luxoft.comTwitter: @Luxoft
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