July 23, 2008, 2:05 PM — 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 than 3000 employees worldwide and an annual revenue run rate of over $150 million.
The acquisition of ITC Networks, which follows Luxoftâ€™s April announcement of a new office opening in Vietnam, further expands the companyâ€™s global footprint. ITC Networksâ€™ large scale delivery capability within the European Union, with its shared legal framework, ease of travel, and convenient time zones, makes Luxoftâ€™s service offerings even more compelling for the European clientele. The deal also strengthens Luxoftâ€™s expertise in the telecom industry, expanding its client portfolio with companies like Nortel Networks, Avaya, Trapeze Networks and others. In turn, existing ITC Networks clients will benefit from Luxoftâ€™s best-of-breed processes and methodologies, financial stability, global delivery locations, and economies of scale.
â€œThis acquisition is another step in Luxoftâ€™s growth and strengthening of the companyâ€™s global presence,â€ said Dmitry Loschinin, President and CEO, Luxoft. â€œThe tremendous telecoms aptitude of the combined team, prominent European Union location and shared commitment to engineering excellence will serve Luxoft, its clients and ITC Networksâ€™ clients well for years to come.â€
Doru Mardare, Managing Director of ITC Networks concurred. â€œThis acquisition is a great boost to ITC Networks. We see full synergy with the Luxoft team in terms of our respective corporate cultures, ability to develop successful long term partnerships with leading global clients, and deep telecom industry expertise. We are looking forward to becoming part of a global entity, especially one that is growing as quickly as Luxoft.â€
James Reeves, Vice President of R&D and World-Wide Customer Service Trapeze Networks, a client of ITC Networks, commented, â€œWe are excited to work with such a world-class, global organization like Luxoft and are confident that this acquisition will further strengthen our relationship.â€
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, Deutsche Bank, UBS, Dell, IBM, 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. Luxoftâ€™s customers benefit from the right mix of technology skills, industry knowledge, best-of-breed processes and methodologies, and a choice of engagement models.
Luxoft is the recipient of the 2007 Frost & Sullivan Global Outsourcing Growth Excellence & Customer Value Leadership Award, as well as the Applied Innovation Award from the IAOP and Wipro, ITAA and Forbes (together with Deutsche Bank). For more information visit: www.luxoft.com.
About ITC Networks
ITC Networks is a specialized provider of software engineering services for the telecommunications industry. ITC Networksâ€™ range of services includes system and application development, re-engineering, software testing and test automation, maintenance, and support. ITC Networks is differentiated by its deep domain expertise, well defined processes and highly skilled engineers. ITC Networksâ€™ satisfied clients include such industry leaders as Nortel Networks, Avaya, Trapeze Networks, and others. For more information please visit http://www.itcnetworks.ro.