Luxoft, a global provider of high-end application and product development services, has acquired Bucharest-headquartered ITC Networks (ITCN), a leading Romanian software-outsourcing provider specializing in the telecommunications industry. The combined company will have more then 3,000 employees worldwide and an annual revenue run rate of over $150 million.
The acquisition of ITC Networks will further expand the company’s global footprint. ITC Networks’ large scale delivery capability within the European Union, with its shared legal framework, ease of travel, and convenient time zones, makes Luxoft’s service offerings even more compelling for the European clientele. The deal also strengthens Luxoft’s expertise in the telecom industry, expanding its client portfolio with companies like Nortel Networks, Avaya, Trapeze Networks and others. In turn, existing ITC Networks clients will benefit from Luxoft’s best-of-breed processes and methodologies, financial stability, global delivery locations, and economies of scale.
“This acquisition is another step in Luxoft’s growth and strengthening of the company’s global presence,” said Dmitry Loschinin, President and CEO, Luxoft. “The tremendous telecoms aptitude of the combined team, prominent European Union location and shared commitment to engineering excellence will serve Luxoft, its clients and ITC Networks’ clients well for years to come.”
Doru Mardare, Managing Director of ITC Networks concurred. “This acquisition is a great boost to ITC Networks. We see full synergy with the Luxoft team in terms of our respective corporate cultures, ability to develop successful long-term partnerships with leading global clients, and deep telecom industry expertise. We are looking forward to becoming part of a global entity, especially one that is growing as quickly as Luxoft.”
