Swiss Luxoft Financial Services acquires Singapore’s derivIT

Luxoft Holding Inc, a leading provider of software development services, innovative IT solutions, and digital transformation to a global client base, has announced completion of the transaction pursuant to a Share Purchase Agreement to acquire derivIT, a Singapore-based financial services-focused technology consulting company.
derivIT provides a unique blend of technology expertise, deep domain understanding and strong knowledge of leading platforms, such as Murex, in capital markets and credit and risk management. This transaction was closed upon the receipt of the approval by Reserve Bank of India, as well as satisfaction of several other customary conditions precedent.
“Completion of derivIT transaction reinforces a strong foundation on which our company is building its presence and the delivery platform in the APAC,” said Dmitry Loschinin, President and CEO of Luxoft. “We are very pleased to welcome derivIT team and start realizing expected significant synergies in servicing current high-potential clients in the Asia Pacific region, anchoring new business opportunities in financial, automotive, telecom and other sectors, as well as taking advantage of the immediate cross-selling opportunities we see at this time.”
The derivIT acquisition adds several delivery centers, which are expected to enhance the scalability of Luxoft’s current distributed delivery center ecosystem into additional locations, such as Bangalore, India; Dubai, UAE; and Tianjin, China. The acquisition also is expected to expand Luxoft’s existing capabilities in Singapore.
“We are excited to join forces with derivIT and continue to strengthen our foothold in Asia Pacific. The region enjoys ample demand for packaged software to streamline operations and generate operational cost savings for continued investments into innovation and digital transformation,” said Roman Trakhtenberg, Group Managing Director and Global Head of Excelian, Luxoft Financial Services. “Furthermore, the expansion of our sophisticated engineering workforce, which delivers premium consulting and digital-related services from India, Vietnam, and Malaysia, is expected to significantly improve our ability to effectively cater to large enterprises located in Singapore, Australia, Hong Kong, China, and the Middle East.” Strata Partners acted as the exclusive financial adviser to Luxoft on this transaction.
Luxoft 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.