Luxoft takes over ITC Networks Bucharest

Russian Luxoft company, supplier of high-end applications, announced its acquisition of ITC Networks Bucharest, specialized in outsourcing software for the telecommunications industry.

Following the takeover, the group’s income will reach $150 million. The takeover will expand Luxoft’s potential in the European Union and represents a new stage in its development program, following the opening of a branch in Vietnam.

ITC Networks estimates turnover worth €18 million in 2008, 20-25 percent higher year-on-year. The gross profit margin is some 20 percent.