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Luxoft strengthens APAC presence with derivIT acquisition

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Luxoft is to acquire derivIT, a Singapore-based financial services-focused technology consulting provider.

derivIT provides experience of leading platforms in credit and risk management and capital markets.
The completion of the transaction is subject to approval by the Reserve Bank of India, as well as satisfaction of several other customary conditions precedent, and is expected to occur in the coming weeks.
This transaction provides a foundation on which Luxoft intends to build its delivery platform in APAC to service numerous high-potential clients in the region. In addition to helping Luxoft pursue new business opportunities in financial, automotive, telecom and other sectors in the region, this transaction also helps Luxoft respond to interest on the part of a number of its existing global customers in being serviced by Luxoft from locations in this region.
Luxoft sees immediate cross-selling opportunities to be realised between derivIT and Excelian, Luxoft’s financial services practice, due to a synergistic customer base and expertise in financial software platforms.
“derivIT is a strategic acquisition anticipated to consolidate and strengthen Luxoft’s leadership position as one of the top consulting, implementation and support services providers for Murex. It establishes a sizeable base for our company’s Asia Pacific and Middle Eastern presence to cater to financial services, automotive and other customers and provides access to new clients in the APAC and Middle East regions. We are also excited to add to our High Potential Accounts list several customers of derivIT, marquee logos with considerable cross-selling potential,” says Luxoft president and CEO Dmitry Loschinin (pictured). “derivIT is an important addition to Luxoft’s architecture. We are keen to have its track record of delivering consistent exemplary banking transformations, which complements our business model of building long-term relationships with our customers.”
Approximately 90 per cent of derivIT’s revenues are derived from installations of Murex trading, risk and processing solutions across its blue chip clients based in Asia-Pacific.
Murex head of alliances in APAC, Niraj Marfatia, says: “I am pleased to see two of our strongest system integrators and Alliance partners globally coming together. Alliance partner status is our highest level of partnership at Murex. We believe this will offer Murex clients a partner with a global footprint, able to better deliver high quality implementations and support on a worldwide scale.”
Upon consummation of the acquisition, derivIT will be able to offer a wide variety of domain-focused technology services to its financial services customers, while Luxoft expects to measurably extend regional coverage to its global client base.
“We are pleased to partner with Luxoft and offer our existing clients access to Luxoft’s mature and highly scalable global delivery platform, which will support execution of larger-scale engagements and a broader suite of service offerings,” says derivIT’s CEO, Mukund V Rao. “We are delighted to have an opportunity to expand beyond current 'Run the Bank'-focused engagements into 'Change the Bank'-geared tasks, directly partaking in the digital transformation process of our clients.”

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