Luxoft Acquires Romania's ITC Networks

Acquisition of leading Romanian IT player increases Luxoft's
global delivery capability and telecom expertise
NEW YORK--(Business Wire)--
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 3000 employees
worldwide and an annual revenue run rate of over $150 million.

The acquisition of ITC Networks, which follows Luxoft's April
announcement of a new office opening in Vietnam, further expands the
company's global footprint. ITC Networks' large scale delivery
capability within the European Union, with its shared legal framework,
ease of travel, and convenient time zones, makes Luxoft's service
offerings even more compelling for the European clientele. The deal
also strengthens Luxoft'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 Luxoft's best-of-breed processes and methodologies,
financial stability, global delivery locations, and economies of
scale.

"This acquisition is another step in Luxoft's growth and
strengthening of the company's global presence," said Dmitry
Loschinin, President and CEO, Luxoft. "The tremendous telecoms
aptitude of the combined team, prominent European Union location and
shared commitment to engineering excellence will serve Luxoft, its
clients and ITC Networks' clients well for years to come."

Doru Mardare, Managing Director of ITC Networks concurred. "This
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."

James Reeves, Vice President of R&D and World-Wide Customer
Service Trapeze Networks, a client of ITC Networks, commented, "We are
excited to work with such a world-class, global organization like
Luxoft and are confident that this acquisition will further strengthen
our relationship."

About Luxoft

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. 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.

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 Networks' 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 Networks' satisfied
clients include such industry leaders as Nortel Networks, Avaya,
Trapeze Networks, and others. For more information please visit
http://www.itcnetworks.ro.

Affect Strategies
Regina Nisita, 212-398-9680
rnisita@affectstrategies.com

Copyright Business Wire 2008