Fly News Breaks for August 11, 2017
Aug 11, 2017 | 08:40 EDT
UBS analyst Steven Milunovich said the Q4 results for Luxoft were worse than expected. He noted revenues were below consensus and gross margins fell. The company cited a slowdown in decision making in financial services and slow growth within two M&A related accounts. The company also lowered its guidance, leaving few positives in the quarter, according to Milunovich, who maintained his Neutral rating and $66 price target on Luxoft shares.
News For LXFT From the Last 2 Days
Aug 23, 2017 | 07:32 EDT
Luxoft Holding announced completion of the transaction pursuant to a Share Purchase Agreement to acquire derivIT, a Singapore-based financial services-focused technology consulting company. derivIT provides a unique blend of technology expertise, deep domain understanding and strong knowledge of leading platforms, such as Murex, in capital markets and credit and risk management. This transaction was closed upon the receipt of the approval by Reserve Bank of India, as well as satisfaction of several other customary conditions precedent. The derivIT acquisition adds several delivery centers, which are expected to enhance the scalability of Luxoft's current distributed delivery center ecosystem into additional locations, such as Bangalore, India; Dubai, UAE; and Tianjin, China. The acquisition also is expected to expand Luxoft's existing capabilities in Singapore.