IT Staffing Report: June 13, 2013

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Luxoft IPO could raise $70 million

IT solutions firm Luxoft Holding Inc. priced the shares of its initial public offering at $16 to $18, according to a filing on June 12 with the U.S. Securities and Exchange Commission. The IPO could raise approximately $70 million. Luxoft is now part of IBS Group Holding Ltd., a software developer and IT services provider based in Russia. IBS Group will continue to be the majority shareholder of Luxoft after the IPO and control 82.9 percent of voting power.

Luxoft had sales of $314.6 million in the 12 months ended March 31.

Plans call for the stock to trade on the New York Stock Exchange under the symbol LXFT, and the company is based in Tortuga, British Virgin Islands.

The company focuses on six industry verticals: financial services, travel and aviation, technology, telecom, automotive and transport, and energy. A majority of revenue, 54.7 percent, was generated in financial services. Luxoft has five key domain practices: big data, agile, open source, mobile and UI/UX/HMI (user interface, user experience/human-machine interface).

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