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21 Feb 2019, Stella Zlatareva, EMIS M&A Team

U.S. DXC Technology to acquire Swiss IT solutions provider with Russian roots Luxoft

U.S. business-to-business IT services company DXC Technology announced a deal to buy Luxoft, a company founded in Russia in 1995 and now based in Switzerland. The deal is valued at some USD 2bn and comes as many IT consulting firms scramble for acquisitions that would give them an edge when it comes to digital, automation, and security capabilities.

Luxoft provides IT solutions such as analytics, UX/UI, IoT and blockchain, as well as outsourced engineering services. Luxoft’s vertical market expertise in the automotive, financial services and healthcare/life sciences sectors will broaden DXC’s presence in high-growth verticals. Luxoft‘s nearly 13,000 employees, the majority of whom hold advanced degrees, will secure the buyer access to diverse engineering talent.

Luxoft caters to customers across North America, Europe, and the Asia-Pacific region, and its client base is concentrated in a small number of multinational corporations. In the year through 31 March 2018, Luxoft had revenues of over USD 906.8mn and some USD 57mn in net profit. Original source: EMIS - DealWatch