Luxoft Receives Industry Recognition as a Leading Technology Services Provider

MOSCOW and NEW YORK, July 26, 2011 /PRNewswire/ --

Accolades From Prestigious Outsourcing Associations Solidify Global Market Leadership

Luxoft, a subsidiary of IBS Group, a leading global provider of advanced application and product development services, has announced today a receipt of several industry accolades further validating its position as an IT outsourcing leader.

During the past several months, Luxoft received multiple honours from outsourcing industry associations for excellence as a global technology services provider. In June, Luxoft took home multiple awards at the 2011 European Outsourcing Association (EOA) Summit & Awards, a gathering of the world's top outsourcing providers. The company was named Outsourcing Provider of the Year by the EOA, and its development centre in Ukraine was recognized as the Outsourcing Destination of the Year.

"It is truly an honour to be recognized by such prestigious organizations for our combined efforts in delivering the highest quality technology services to our customers," said Dmitry Loschinin, president and CEO, Luxoft. "Our recent industry accolades confirm our ability to provide our clients with exceptional service, excellent products and innovative ideas, regardless of the industry challenges they face. We're confident that we can continue building on this momentum through the remainder of the year and beyond."

In addition, Luxoft was featured in the 2011 Global Services 100 List, representing the top companies that demonstrate excellence in delivering ITO and BPO services globally using matured models of service delivery. The company received recognition in the following categories: Top Global Mid-Tier ITO Vendors, Leading Mid-Tier ADM Vendors, Top Specialty Product Engineering Vendors, IT Services Leaders - Eastern Europe. As part of the list, Luxoft was also honored as the Fastest Growing Company after achieving more than 30 per cent growth in the past year.

Lastly, Luxoft was predominantly featured in Zinnov's 2011 R&D Service Providers Rating, a ranking of top global R&D companies across key geographies. The company was listed in the "Breakout Zone" for four different verticals - telecommunications, software/ISV, aerospace and defense, and communications. Recognition in the "Breakout Zone" is an honor that is reserved for companies that deliver research and development services effectively while providing innovation frameworks that directly result in tangible benefits to customers.

About Luxoft

Luxoft, a member of 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, IBM, Harman, Avaya, Areva, 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 the state-of-the-art delivery centres in North America, Central and Eastern Europe, and Asia. Luxoft`s customers benefit from the right mix of technology skills, industry knowledge, best-of-breed processes and methodologies, and a choice of engagement models.

About IBS Group

IBS Group is a leading IT services and software development provider in 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, IT outsourcing, business and IT consulting, business applications implementation. IBS Group is headquartered in Russia and has business operations in Russia, Canada, Germany, Romania, Poland, Switzerland, UK, Ukraine, USA, Vietnam and Singapore. IBS Group employs more than 7,300 people worldwide. According to the preliminary unaudited accounts for financial year 2010, IBS Group reported US GAAP revenues of US$656m.

IBS Group's Global Depositary Receipts are listed on the Regulated Market (General Standard) of the Frankfurt Stock Exchange (Bloomberg: IBSG: GR; Reuters: IBSGq.DE). IBS Group is majority-owned by management with portfolio investors holding 35% of the Group's share capital. For more information on IBS Group, please visit http://www.ibsgr.com.

Media Contact:
Julia Simonova
+1-212-964-9900 (x228)
JSimonova@luxoft.com