Luxoft Holding (LXFT) Enters $300M+ Agreement with Major Customer

November 21, 2016 4:36 PM EST

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Luxoft Holding, Inc (NYSE: LXFT) announced the signing of a three-year agreement with UBS, one of its largest customers. The agreement has a minimum target spend of USD 300 million or USD 100 million a year on average, and Luxoft will have strategic vendor status for UBS IT during the entire term. The strategic framework includes business and technology consulting for cost efficient regulatory compliance and innovative digital transformation in the areas of trading, finance, accounting, regulatory and others.

“Luxoft and UBS have been building a strong relationship since 2006 with Luxoft contributing to the Bank’s complex engagements as a Change The Business (CTB) category vendor. We’re helping UBS leverage new innovative technologies and processes such as cloud, big data and data analytics, machine learning to optimize their business and transform the way they engage with customers,” said Luxoft President and CEO, Dmitry Loschinin. “We are proud to be a trusted partner for UBS, assisting them in simplification of their IT infrastructure, continuous performance improvement, as well as shifting to a mutually beneficial new age output- and outcome based managed services model.”

“Our goal is to continue building leading-edge customer-facing technologies which enable us to provide the best user experience for years to come,” said UBS CIO Michael Dargan. “Luxoft has been a trusted vendor for UBS for nearly a decade. We are confident in their deep understanding of the financial services industry and end-to-end solution implementation skills and thus Luxoft’s ability to assist us in the global transformation process.”

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