Excelian, Luxoft financial services, the financial services division of Luxoft Holding, Inc. (NYSE:LXFT), a leading provider of software development services and innovative IT solutions to a global client base,today announced the expansion of its office in Bangalore as part of the company’s strategic focus on the Asia Pacific region.
The office will act as a center to deliver IT services to financial institutions in Singapore, Australia, Malaysia and China from a nearshore location. The announcement follows Luxoft’s acquisition of DerivIT, whose existing client base provided the platform for the new office in Bangalore and was a significant step in building Excelian, Luxoft Financial Services’ delivery presence in the region.
“The opening of the Bangalore office in India represents a major milestone in our journey to becoming a top global technology consultancy,” said Roman Trakhtenberg, Group Managing Director and Global Head of Excelian, Luxoft Financial Services. “Demand for technology services is soaring in emerging Asian economies and we are now well placed to meet this demand from a nearshore location.”
With the opening of the Bangalore office, Luxoft now has 37 delivery centres globally. The Bangalore office is already fully operational and Excelian, Luxoft Financial Services is serving banks across its entire range of services, including implementing Murex software. The Company is committed to becoming a top destination for senior talent to ensure it can manage digital transformation projects from beginning to end.
According to recently published data, Bangalore has more than doubled its innovation centres over the past two years and with end-user spending on business services & product support in emerging Asian economies is expected to reach $16 billion by 2020, it is already widely touted as a global hub of FinTech innovation.
Jeremy Ward, Managing Director at Excelian, Luxoft Financial Services said, “Bangalore is widely recognized as a central hub for the banking technology industry. This opening is therefore not just the company building on the considerable success of our Murex business in India, it is the latest sign that we offer a truly global proposition across the entire range of financial services businesses.”
“The office in Bangalore reflects Luxoft’s commitment to quality and its aspiration to grow in APAC,” said derivIT’s CEO, Mukund V. Rao. “ExcelianLuxoft has already been recognized as part of a wave of IT providers investing in India and this is now an exciting time for anyone working in our Indian engineering centers. Looking ahead, we now have a firm platform to work across the entire digital transformation process of our clients.”