Luxoft transfers its Russian business to IBS

The international public company Luxoft International has transferred 100% of its Russian subsidiaries to the companies IBS IT Services PJSC and IBS Ltd, Interfax reports.

• Both companies got 99% and 1%, respectively.
• There is no information about the financial details of the deal (if any). The company has not disclosed how exactly the transfer process was carried out.
• Two legal entities — Luxoft Professional and Luxoft Training — have been transferred as part of the transaction.
• IBS is owned by Anatoly Karachinsky. He became one of the three founders of Luxoft in 2000.
• In 2019, the American IT and consulting services provider DXC Technology acquired Luxoft Holding for $2 billion.
• Now Luxoft is actually returning to its founder two years after the sale. Besides, some of Luxoft’s employees in Russia have moved to IT_One. This company is controlled by another Luxoft co-founder, Sergey Matsotsky.
• On March 4, DXC Technology announced its withdrawal from the Russian market because of the war.

“Based on the aggression from the Russian Government, we are no longer pursuing business in Russia and have committed to exit this market. We have approximately 4,000 colleagues in Russia and are supporting them in this time of need. We continue to support and maintain rigorous compliance with all applicable sanctions levied against Russia,” DXC’s statement reads.