Eastern European IT Outsourcing: LUXOFT ACQUIRES ROMANIAN OUTSOURCER

Luxoft, a global provider of high-end application and product development services, today announced it has acquired Bucharest-headquartered ITC Networks (ITCN), a leading Romanian software outsourcing provider specializing in the telecommunications industry. The combined company will have more then 3,000 employees worldwide and an annual revenue run rate of over $150 million.

Luxoft is Russia’s largest homegrown IT services company (and part of the larger IBS group). Based in Moscow, it also has operations at several lower cost locations across Russia and the Ukraine.

The company started in 2000 with 80 staff, now has 2,300 employees - almost three-quarters of whom have Master’s degrees - and is currently hiring at the rate of 100 per month. Luxoft’s key market is financial services and customers include Citibank, Deutsche Bank and UBS.