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MarketScreener Homepage  >  Equities  >  Nyse  >  Luxoft Holding Inc    LXFT   VGG572791041


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Luxoft : Acquires Autonomous Drive and Connected Mobility Specialist Objective Software GmbH

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08/07/2018 | 07:50am EDT
New York, US -- August 7, 2018 -- Luxoft Holding, Inc (NYSE:LXFT), a global IT service provider, announces the acquisition of Objective Software GmbH, a provider of software development services and IP based solutions for autonomous vehicles, Advance Driver Assisted Systems (ADAS), high-accuracy positioning, innovative mobility and smart city applications.

Objective implements its advanced technology solutions in the automotive sector, with a focus on connected cars and autonomous drive services for leading Original Equipment Manufacturers (OEMs) and suppliers.

This acquisition expands Luxoft's ADAS, Autonomous Drive and Connected Mobility practices and illustrates a commitment to meet the growing demand for these services. Upon completion of this transaction, Luxoft gains access to a range of IP-based solutions developed by Objective, including a tele-operated driving platform, cloud-based autonomous car-sharing, automotive cybersecurity solutions and a Lidar-based automated parking scanner. These solutions, combined with Objective's domain expertise, will enhance Luxoft's design, development and implementation of next-generation software that empowers our clients to succeed in the mobility revolution.

Given close synergies with our service-led model, backed by in-house application development, we anticipate opportunities to significantly scale Objective's existing projects in autonomous driving and connected mobility. In particular, the acquisition further strengthens our presence in Munich where we intend to expand software development services for highly automated driving with OEMs and Tier1s, thereby delivering software effectively across the full value chain.

'This acquisition reinforces the strong foundation on which our automotive practice has grown in recent years and future-proofs our capabilities,' said Dmitry Loschinin, President and CEO of Luxoft. 'Objective has established a strong footprint with major German OEMs, and we believe these synergies will allow us to deliver more strategic value to our clients. We look forward to working with Objective's team and enhancing our existing offerings, as we develop the tools that are enabling the mobility revolution.'

Through Luxoft's global ecosystem of 42 delivery centers, this acquisition will expand the scalability and reach of Objective's offering within its existing footprint of leading German OEMs and their suppliers. It also strengthens Luxoft's delivery capabilities in Germany, while adding a new office in Italy.

'There is huge potential for Luxoft to grow Objective's solutions to benefit new and existing customers,' said Clemens Dannheim, the co-CEO of Objective. 'Both the Company's culture and like-minded approach to building advanced automotive solutions make for a well matched acquisition. With advanced connected mobility services and autonomous cars already on our streets, we wanted to take this opportunity to scale our business and effect the changes revolutionizing the automotive industry on a global scale.'

About Luxoft

Luxoft (NYSE:LXFT) is a global IT service provider of innovative technology solutions that delivers measurable business outcomes to multinational companies. Its offerings encompass strategic consulting, custom software development services, and digital solution engineering. Luxoft enables companies to compete by leveraging its multi-industry expertise in the financial services, automotive, communications, and healthcare & life sciences sectors. Its managed delivery model is underpinned by a highly-educated workforce, allowing the Company to continuously innovate upwards on the technology stack to meet evolving digital challenges.

Luxoft has more than 12,900 staff across 42 cities in 21 countries within five continents, with its operating headquarters office in Zug, Switzerland. For more information, please visit www.luxoft.com.

About Objective

Objective Software GmbH is an IT company that offers advanced solutions for the future: Areas such as automotive, autonomous vehicles, teleoperated driving, high-precision positioning as well as innovative mobility or smart city applications are among the company's areas of expertise. The company's standards are high, which is why it is committed to effective and immediate action, clear goals and a visionary approach. The Objective-motor drives it: The passion and creativity of the team, coupled with excellent team spirit and organization. With over 100 employees spread over several locations in Europe, the teams offer exciting projects with global Original Equipment Manufacturers and Tier one Suppliers.

Further information about the company and its projects can be found at www.objective.de.

Forward-Looking Statements

This news release of Luxoft Holding, Inc ('Luxoft') contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include information about possible or assumed future results of our business and financial condition, as well as the results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminology such as 'believe,' 'may,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'should,' 'plan,' 'expect,' 'predict,' 'potential,' or the negative of these terms or other similar expressions. These statements are subject to, without limitation, the risk factors discussed under the heading 'Risk Factors' in Luxoft's Annual Report on Form 20-F for the year ended March 31, 2017 and other documents filed with or furnished to the Securities and Exchange Commission by Luxoft. Except as required by law, Luxoft undertakes no obligation to publicly update any forward-looking statements for any reason after the date of this news release whether as a result of new information, future events or otherwise.

Investor Inquiries

Tracy Krumme
Vice President, Investor Relations
212.964.9900 x2460

Media Inquiries

Robert Maccabe
Director, Public Relations
t: +44 (0)20 3828 2346; m:+44 7950 517 836
Twitter: @Luxoft

Julia Maehner
Marketing Specialist
T: +49 89 710 501 26
Twitter: @objectiveSW


Luxoft Holding Inc. published this content on 07 August 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 07 August 2018 11:50:00 UTC

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Dmitry A. Loschinin President, Chief Executive Officer & Director
Michael Friedland Global Chief Operating Officer
Ilya Gruzdev Vice President-Finance
Vasiliy Suvorov Vice President-Technology Strategy
Patrick Corcoran Global Head-Marketing & Communications
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