Luxoft Named Outsourcing Provider and Destination of the Year at 2011 European Outsourcing Association Summit

MOSCOW, June 29, 2011 -

Luxoft, a leading global
provider of advanced application and product development services
and a member of IBS Group, today announced that it has been named
Outsourcing Provider of the Year by the href="www.e-oa.net/">European Outsourcing Association.
Additionally, the company’s Ukraine-based Development Center was
also honored with the Outsourcing Destination of the Year
award. 

The European
Outsourcing Association Awards honors best practices,
innovators and leaders in the outsourcing industry. The awards
program takes place during the href="www.eoasummit.com/summit/">European Outsourcing
Association Summit, a two-day gathering of the world’s leading
outsourcing suppliers, end users and support service providers
focusing on the latest innovations, trends and developments in the
European outsourcing market.

Luxoft was selected as the 2011 Outsourcing Service Provider of
the year due in part to its strong client commitment, engineering
excellence, exceptional talent pool, industry and technical domain
expertise, best-in-class processes, and flexibility in working with
clients in diverse industries. In addition,
Luxoft Ukraine was recognized as Outsourcing Destination
of the Year reflecting its development of high-end solutions,
advanced project engineering capabilities and strong commitment to
R&D and embedded systems development for companies in financial
services, automotive telecommunications and e-commerce
industries. 

“We’re pleased to recognize Luxoft as the
EOA Outsourcing Service Provider and
its Ukraine location as Offshoring Destination of the
Year,” said Yvonne Williams, representative for the
European Outsourcing Association. “It’s evident that the company
has worked tirelessly to provide exceptional value and quality
products to their clients during the past year. This, in addition
to their contributions to the outsourcing industry as a whole,
serves as an excellent example of what the EOA looks for in
honorees of this prestigious awards program.” 

“We are honored to be recognized as this year’s outsourcing
provider and destination of the year by the European Outsourcing
Association,” said Dmitry Loschinin, president & CEO, Luxoft.
“It is evident that the outsourcing industry is rapidly evolving as
companies are more and more in need of technical and domain
expertise to progress their businesses. In response, we have put
much emphasis in ensuring that our people, products and services
address the changing needs of our clients. Receiving these
prestigious awards further validates our strategy.”

Luxoft, a member of the IBS Group is an emerging global
leader in application and product engineering outsourcing services
for enterprise IT organizations and software vendors. Luxoft builds
lasting partnerships with its clients, such as Boeing, IBM, Harman,
Avaya, Alstom, Sabre and other global leaders, based on the culture
of engineering excellence, innovation, and deep domain expertise.
Luxoft offers global delivery capability through its network of
state-of-the-art delivery centers in North America, Central &
Eastern Europe, and Asia. Luxoft’s customers benefit from the right
mix of technology skills, industry knowledge, best-of-breed
processes and methodologies, and a choice of engagement models.

IBS Group is a leading software development and IT
services provider in Eastern Europe. Through its two principal
subsidiaries, Luxoft and IBS IT Services, it offers a wide variety
of information technology services, such as software development,
IT outsourcing, business and IT consulting, business applications
implementation. IBS Group is headquartered in Russia and has
business operations in Russia, Canada, Germany, Romania, Poland,
Switzerland, the UK, Ukraine, the USA, Vietnam and Singapore. IBS
Group employs more than 7,200 people worldwide. According to the
preliminary unaudited accounts for financial year 2010, IBS Group
reported US GAAP revenues of US$656m.

IBS Group’s Global Depositary Receipts are listed on the
Regulated Market (General Standard) at the Frankfurt Stock Exchange
(Bloomberg: IBSG:GR; Reuters: IBSGq.DE). IBS Group is
majority-owned by management with portfolio investors holding 35%
of the Group’s share capital. For more information on IBS Group,
please visit href="www.ibsgr.com/">www.ibsgr.com.

Media Contact: 
Julia Simonova 
+1-212-964-9900 (x228) 
href="mailto:JSimonova@luxoft.com">JSimonova@luxoft.com

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