Sunday, June 1, 2014

Luxoft to Move 500 Programmers From Ukraine, Russia Amid Risks - Businessweek

Luxoft Holding Inc. (LXFT:US), a provider of computer services employing programmers in Russia and Ukraine, is set to move about 500 of them from the two countries after Western clients cited risks stemming from political tensions.

The relocations are part of a plan to eventually have no more than 20 percent of its workers in any one geographical region, Luxoft Chief Executive Officer Dmitry Loschinin said in a phone interview. Clients in the U.S. and Europe urged the company to reduce exposure to Ukraine and Russia, he said, declining to name the customers.

Luxoft has boosted sales by relying on relatively cheap programmers in Russia and Ukraine to provide services to clients including Deutsche Bank AG, UBS AG (UBSN) and Ford Motor Co. (F:US), helping its stock to more than double in U.S. trading in the six months after its June 2013 initial public offering. The stock plunged (LXFT:US) in February amid political turmoil in Ukraine.


Epam Systems Inc. (EPAM:US), another provider of information-technology outsourcing services, said on May 1 it is expanding in countries including Poland to mitigate risks related to Ukraine. On April 30, Epam said it acquired Joint Technology Development Ltd. in Hong Kong to add offerings for the finance industry.

Complete story at - Luxoft to Move 500 Programmers From Ukraine, Russia Amid Risks - Businessweek

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