IT Staffing Report: May 30, 2013

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IT software, services firm plans IPO

Luxoft Holding Inc., an information technology software and service provider, filed for an initial public offering, according to a filing with the U.S. Securities and Exchange Commission. The Switzerland-based firm plans to trade on the New York Stock Exchange under the symbol LXFT. The principal shareholder in Luxoft is IBS Group Holding Ltd., a software developer and IT services provider based in Russia.

The company reported sales of $314.6 million in the year ended March 31, and 36.3 percent of sales were in the U.S.

Luxoft operates in six industry verticals: financial services; travel and aviation; technology; telecome; automotive and transport; and energy. Its largest customers in the past year were Deutsche Bank and UBS; the two customers accounted for 47.0 percent of sales.

Luxoft’s business lines include software development, product engineer and technology consulting. It operates delivery centers in Russia, Ukraine, Romania, Poland, the U.K., the U.S. and Vietnam.

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