“Nearshore” capability, innovation and financial domain expertise are keys to success

New York, NY -- (ReleaseWire) -- 10/19/2006 --Luxoft, Russia’s leading provider of end-to-end information technology services and solutions, today announced it has won the Financial Outsourcing Project of the Year for its work with Deutsche Bank at the National Outsourcing Association’s (NOA) annual awards.

Announced last Thursday evening at an awards ceremony hosted by Anthony Hilton, the financial editor of the Evening Standard, that attracted over 400 professionals from the UK’s outsourcing industry, the awards reward organisations for success in outsourcing projects and raise awareness for the importance of best practices in outsourcing. The awards acknowledge achievements in IT outsourcing, Business Process Outsourcing (BPO), as well as sector specific achievements in telecommunications, finance, energy and the public sector.

Luxoft, which last year was a finalist in the NOA’s Offshoring Operation of the Year category, and leading global investment bank Deutsche Bank won the award for the new Customer Relationship Management (CRM) system implemented for the bank. Martyn Hart, chairman of the National Outsourcing Association commented: “In many cases, CRM implementation is poorly executed. In comparison Luxoft clearly paid a great deal of attention to meeting the business objectives of Deutsche Bank. It was impressive to see that the project was so focused on Return on Investment (ROI). Completing the project within a complex regulated environment is a significant achievement.”

For Deutsche Bank, the reasons to outsource to Luxoft in Russia went beyond cost savings. “Because Moscow is only three hours from London, it was easy to get in and out. In terms of skill levels, both Russia and India have strengths. The maths and science tradition of the old Soviet Union is a plus. There is a real history of technical innovation in Russia, and there is almost a demand by the Russians we work with to be innovative and creative,” according to Daniel Marovitz, chief operating officer for technology at Deutsche Bank's global banking unit, in an interview with US publication BusinessWeek earlier this year.

Commenting on the NOA award, Dmitry Loschinin, President and CEO of Luxoft said: “This award is a tribute to Deutsche Bank as a partner and to our people, who enable Luxoft to deploy the latest technologies, deliver world-class services for complex outsourcing, and effectively integrate our processes with client environments like Deutsche Bank’s, while meeting the highest quality standards. We’ve been working with Deutsche Bank in London for several years across many projects. We have been increasing our commitment to the UK in particular, and to Europe in general.”

About Luxoft
Luxoft, founded in 2000, is a global software developer and IT services exporter with operations in the US, UK, Ukraine and Russia. Luxoft has the world’s largest delivery capabilities in Russia and CIS.

Luxoft provides a full range of custom software development services and enjoys long-term relationships with clients including some of the best-known global business leaders, such as Boeing, Deutsche Bank, IBM and Dell. Luxoft also works closely with many mid-size growth companies and independent software vendors (ISVs).

Luxoft’s software development processes meet the highest quality standards, and the company was the first in Europe to achieve Level 5 CMMI quality certification. Luxoft runs research and offshore development centers in Moscow, St. Petersburg, Dubna, Omsk plus centers in Kiev and Odessa, Ukraine.

Luxoft has won the National Outsourcing Association’s “Financial Outsourcing Project of the Year 2006” for its work with Deutsche Bank. The company has recently been recognized by BusinessWeek as the top emerging outsourcing provider in Russia and Eastern Europe, was ranked as the top IT services company on the Rising Star list in the IAOP’s Global Outsourcing 100 and was featured in Global Services Magazine’s Global Services 100 which recognizes the world’s most innovative business and technology service providers.

For more information visit www.luxoft.com.

About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With Euro 1,058 billion in assets and 65,435 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

About the National Outsourcing Association (NOA)
The NOA is an independent body whose objective is to ensure effective business management through the promotion of best practice, service and innovation in the application and development of outsourcing. The NOA’s role is to lobby UK government, OFCOM and the European Union on matters affecting the collective interests of its members and to deliver information on market developments and lessons learned from business outsourcing.

Members fall into three main categories:

• Users - UK and overseas companies, which have outsourced (or are about to outsource) significant business infrastructure, such as: IT; telecoms; and processes
• Suppliers – companies which fulfil outsourcing contracts
• Support services - legal, recruitment and consultancy service companies which support the industry

The NOA communicates the significant benefits and strategic lessons of outsourcing to a wider audience, through conferences, seminars and publications.

For more information on the NOA please go to: www.noa.co.uk.