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 UNAFORTIS & AVALOQ

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PostSubject: UNAFORTIS & AVALOQ   Sun Jun 10, 2018 8:10 pm

Excelian, Luxoft Financial Services Launches Global Avaloq Practice following Acquisition of UNAFORTIS
28.09.2017 13:22:00

Luxoft Holding, Inc. (NYSE:LXFT), a leading provider of software development services and innovative IT solutions to a global client base, today announced that it has acquired UNAFORTIS, a Swiss-based wealth management consultancy specializing in Avaloq implementations and business consulting anchored in IT services.


Avaloq is a provider of fully integrated banking software for the back, middle, and front office. With a team of in-depth experts dedicated to Avaloq-related services, UNAFORTIS is one of its leading implementation partners. This acquisition therefore deepens Luxoft’s expertise in standardized software and enables Excelian, Luxoft Financial Services to target a growing global client base within the wealth management, private, and universal banking sectors.

The acquisition of UNAFORTIS is the latest example of Luxoft continuing to build practices around popular standard software packages, allowing the Company to better differentiate and compete for complex end-to-end transformational engagements.
In addition, Luxoft intends to offer Avaloq-based services beyond the predominantly Swiss-client base of UNAFORTIS. Luxoft therefore plans to work with Avaloq to develop more wealth management and private banking clients. In particular, Luxoft expects to build a 150 to 200-engineer global practice, taking advantage of synergies in the shared markets of Excelian and the recently acquired derivIT in the UK, APAC, Germany and North America, as well as the near and offshore – regionally adaptable – core capabilities of Luxoft.
   
"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. This will add another valuable premium services layer to our core application development and maintenance offering.”
Increased regulatory pressure, digital disruption and new entrants to the market have reduced margins for many banks. As a result, institutions are simplifying their operations by consolidating their IT platforms and implementing standard packaged solutions to boost profitability. Thus, Luxoft is responding to an increase in global demand for software solutions like Avaloq that set the standards for efficiency and lean solutions.
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