RAMSEY, Isle of Man, April 24, 2013 /PRNewswire/ --

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IBS Group, a leading software development and IT services provider in Central and Eastern Europe, announces that Luxoft, a member of the IBS Group and a global provider of advanced application and product development services, today announced its acquisition of the certain assets and open-source solutions of Freedom OSS, which delivers practical business results using wide range of open source technologies to clients in the US. With this acquisition Luxoft expands its U.S. presence, adds significant client contacts to its customer list, and enhances its engineering services and expertise within open-source accelerator frameworks for financial services and other business verticals. Thus, Luxoft's existing location in New York City is adding delivery capabilities to become Luxoft's 13^th delivery center globally.

Freedom OSS is a recognized industry leader and a technology advisor to Fortune 500 companies, offering a wide range of consulting and implementation services. In partnership with some of the pioneers of the professional open source, Freedom OSS delivers consulting services and creates platforms that help clients reduce costs and improve quality of their systems and overall business outcomes by leveraging license and royalty free software solutions. Virtually all engagements of Freedom OSS are handled on a managed delivery/fixed cost basis, which we and Freedom OSS believe is another strong positive for clients, striving to optimize expenses and increase transparency and predictability of their cost structures.

Open-source software ("OSS") has been gaining an increased acceptance in IT organizations, including for mission critical systems optimization. According to Gartner, "By 2016, at least 95% of IT organizations will leverage nontrivial elements of OSS technology in their mission-critical IT portfolios. These will include not only scenarios in which IT organizations directly adopt OSS solutions, but also cases where OSS makes its way into the portfolio embedded in other IT solutions."^[i] Freedom OSS platform utilizes Event Driven Architecture (EDA) and Complex Event Processing (CEP) technology to analyze clients' systems and processes and then propose and build the necessary infrastructure based on open source alternatives to proprietary software.

"We are very excited about the new opportunities that this acquisition is expected to provide," said Roman Trakhtenberg, CEO of Luxoft North America. "We believe that open source is highly relevant to the IT services industry and is one of the critical trends in the software development universe that will have a lasting effect on our industry. We look forward to further building the relationships with the world's leading financial services firms that we were able to acquire as our clients of this acquisition. We also welcome the addition of Freedom's engineers to the Luxoft team, and are eager to capitalize on their know-how, now underpinned by our existing capabilities. We will continue building our center of expertise within OSS domain practice to be able to better serve our new and existing clients and provide them with new services and solutions."

With growing global demand for outsourced product development, Luxoft is excited to be growing its global client base and U.S. operations through this acquisition.

[i] Gartner, Inc., "Drivers and Incentives for the Wide Adoption of Open-Source Software", Mark Driver, September 13, 2012.

About IBS Group Holding Limited

IBS Group is a leading software development and IT services provider in Central and Eastern Europe. Through its two principal subsidiaries, Luxoft and IBS IT Services, it offers a wide variety of information technology services, such as software development and IT services outsourcing, IT infrastructure and business applications implementation. IBS Group has business operations in Russia, Ukraine, Romania, Poland, Germany, Switzerland, the UK, the USA, Vietnam and Singapore. IBS Group employs more than 8,300 people worldwide. In the year ended March 31, 2012, the Group reported US GAAP consolidated revenues of USD816.3 million. IBS Group's Global Depositary Receipts are listed on the Regulated Market (General Standard) at the Frankfurt Stock Exchange (Bloomberg: IBSG:GR; Reuters: IBSGq.F).

For more information about IBS Group please visit http://www.ibsgr.com.

Disclaimer  The information contained in this press release is not for publication, distribution or release, directly or indirectly, in any jurisdiction where such publication, disclosure or release would be unlawful. This press release does not constitute an offer for the sale of securities in the United States of America, Canada, Australia, Japan or any other jurisdiction in which an offer would be subject to legal restrictions.

SOURCE IBS Group Holding Ltd