DXC Technology is buying Luxoft for $2 billion, the two companies have recently confirmed. All of the Luxoft Class A and Class B ordinary shares will thus receive $59 per share, it was added.
The goal of the acquisition is for the duo to ‘offer a differentiated customer value proposition’ for end-to-end digital transformation. Luxoft will bring its digital engineering skills, while DXC will have IT modernisation and integration experience to bring to the table.
Located in Zug, Switzerland, Luxoft’s clients are spread across North America, Europe and the Asia Pacific region. It has seen $911 million in revenue in the past four reported quarters. Its area of expertise are analytics, user experience and user interface (UX/UI), Internet of Things (IoT) and blockchain. It also offers outsourced engineering services, cloud and devops services.
It is present in the automotive industry, financial services industry, healthcare, as well as travel, media and energy.
DXC hopes that its combined effort will enable strong offerings in the end-to-end digital capabilities for the financial services industry; insurance industry, automotive as well as healthcare.
“Luxoft and DXC are highly complementary, and our shared vision of digital transformation makes this strategic combination a great fit for both organizations -- as well as enormously beneficial for our clients,” said Mike Lawrie, chairman, president and CEO, DXC Technology. “Luxoft has a proven track record and expertise in producing measurable business outcomes at-scale for global clients across key industries, including automotive and financial services. The addition of Luxoft accelerates DXC’s growth strategy as we equip the company to meet the digital requirements of our clients today and in the future.”
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