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Digital transformation strategist Luxoft and client lifecycle management specialist Fenergo are joining forces. The agreement, announced earlier this week, makes Luxoft the latest to join Fenergo’s 300-member, worldwide partnership ecosystem.
Luxoft will act as a consulting partner to provide expertise, practical experience, and advice to Fenergo’s clients when its comes to initiatives such as data migration, IT architecture, and change readiness. Other such partners on Fenergo’s platform include Accenture, Capgemini, and Genpact. Fenergo CEO Marc Murphy described Luxoft as an “ideal partner” that will help the company “scale… business at a greater pace.”
Luxoft not only gains a way to fulfill its clients’ needs for digital transformation, the company also stands to gain new clients of its own by becoming a member of Fenergo’s ecosystem. “Our partnership with Fenergo aligns with our strength and success in financial services, and presents new opportunities to grow our business, expand our partner ecosystem, and deliver exceptional value to our clients,” said Dmitry Loschinin, executive vice president of DXC Technology, and president and CEO of Luxoft.
Luxoft was acquired by DXC Technologies (NYSE: DXC) which holds a market capitalization of $8.5 billion. At FinovateFall 2014, Luxoft debutedHorizon, a data visualization framework for banking executives.
Software development company Luxoft announced this week it acquired a Seattle-based innovation agency called Smashing Ideas. The Switzerland-based company acquired Smashing Ideas from book publisher Penguin Random House, which purchased the company in 2011, for an undisclosed amount. Today’s deal marks Luxoft’s 10th acquisition.
Luxoft made the purchase to bolster its digital research, strategy, and design capabilities and is expected to support Luxoft’s Digital Transformation arm, Luxoft Digital. It will also expand Smashing Ideas’ range of services and offer it the infrastructure needed to serve a more global client base. “This allows us to bring products to market faster,” added Smashing Ideas CEO Brian Burke. “Luxoft’s deep technical expertise in blockchain, IoT, and machine learning amplifies the enterprise scale we can provide. Together, we look forward to being a true innovation partner to our clients’ organizations.”
“Our commitment to helping revolutionize the technology offerings of our clients is more evident than ever with our acquisition of Smashing Ideas,” said Dmitry Loschinin, CEO and President of Luxoft. “Luxoft prides itself on being a value-added provider that is focused on technical strategy and implementation. This move further extends our capabilities into design and business strategy, allowing us to provide even more value to our strategic client partners.”
Luxoft is a publicly-traded company listed on the New York Stock Exchange (NYSE:LXFT) with a current market cap of $1.2 billion. At FinovateFall 2014, the company debutedHorizon, a data visualization framework for banking executives. Founded in 2000, Luxoft has more than 12,900 employees in 21 countries. Earlier this spring, the company partnered with Softbank Robotics America to build the software to enable individuals and companies to engage with Softbank’s robot, Pepper. Last fall, Luxoft acquired wealth management consultancy UNAFORTIS.
Software development services company Luxoft has bolstered its skillset recently. The Switzerland-based firm announced last week it acquired fellow Swiss company UNAFORTIS, a wealth management consultancy.
UNAFORTIS is a leading implementation provider of Avaloq, a popular software package that offers fully integrated banking software for the back, middle, and front office. This addition is expected to deepen Luxoft’s proficiency in standardized software as well as broaden the client base for the company’s financial services arm, DXC Luxoft. Luxoft aims to add clients within the wealth management, private, and universal banking sectors across the globe.
In fact, the company plans to build a team of 150 to 200 engineers to better combine its existing DXC Luxoft product, as well as recently-acquired derivIT, into its core capabilities offered across the globe. “We are looking forward to UNAFORTIS joining our growing Luxoft team. It is a strategically important acquisition, helping us diversify financial services business outside of our core investment banking and capital markets presence,” said Dmitry Loschinin, President and CEO of Luxoft. “Its client base complements our own, creating mid-term cross-selling opportunities that can be scaled significantly through our delivery network,” he said. “This will add another valuable premium services layer to our core application development and maintenance offering.”
Founded in 2000, Luxoft is a publicly-traded company listed on the New York Stock Exchange (NYSE:LXFT). Last month, the International Association of Outsourcing Professionals recognized the company as a “world leading” IT service provider for the sixth year in a row and in August, Luxoft expanded its geographical presence by opening a distribution office in Russia and expanding its offices in Germany. At FinovateFall 2014, the company debutedHorizon, a visualization framework.