European software development services provider Luxoft Holding has acquired U.S.-based IT consulting firm INSYS Group.
The acquisition will no doubt help the European firm strengthen its foothold in the North American market, because INSYS is believed to have many seasoned industry professionals and a sales team with significant experience in dealing with top US multinationals.
Financial details of the deal have not been disclosed.
INSYS offers business intelligence, data warehousing, digital marketing, enterprise information management services, and reports say much of its revenue comes from healthcare, pharmaceuticals & biotech and telecom verticals.
Luxoft, which was listed in New York Stock Exchange three years ago, expects INSYS to amplify the capabilities of its current senior management team, also expanding its footprint in North America by adding several ‘blue-chip companies’ to its roaster of clients.
“With this acquisition, we are launching a focused effort to expand Luxoft’s presence in the U.S. market and establish a strong sales organization in North America,” said Luxoft CEO and President Dmitry Loschinin.
There are multiple synergies between the two companies. For example, both the companies offer Data analytics and predictive analysis services.
“This acquisition is well aligned with Luxoft’s M&A strategy and furthers our progress in achieving major milestones: diversification into new verticals and markets such as pharmaceuticals and healthcare, which also includes the biotech and medical insurance domains; and expansion into the wireless carrier space, deepening Luxoft’s telecom sector expertise,” said Michael Friedland, Luxoft’s Executive Vice President.
Luxoft has its roots in Russia, but it relocated most of its management team to Switzerland after the pro-Russian unrest in Ukraine in 2014. Today it has over 11,000 employees across 36 offices in 19 countries including South Africa and Eastern Europe.