Luxoft signs three-year deal with UBS for $100 million to $300 million per year
Technology firm to provide bank with technology and expertise to facilitate digital transformation.
Luxoft, a Zurich-based provider of software development tools and testing services listed on the New York Stock Exchange, has made a deal with UBS. The Swiss bank has signed a three-year agreement with the Luxoft, and has agreed to an average minimum spend of $100 million to $300 million a year.
The technology service provider will help the bank comply to regulations and facilitate the digital transformation in the trading, finance and accounting.
UBS and Luxoft have had a commercial relationship since 2006. Luxoft’s president and CEO, Dmitry Loschinin, said that his firm will help UBS in a number of areas, including the cloud, big data, analytics, and machine learning.
“We are proud to be a trusted partner for UBS, assisting them in simplification of their IT infrastructure, continuous performance improvement, as well as shifting to a mutually beneficial new age output- and outcome based managed services model,” said Loschinin.
Michael Dargan, chief information officer at UBS, said that the bank wanted to continue building leading-edge customer-facing technologies. “Luxoft has been a trusted vendor for UBS for nearly a decade. We are confident in their deep understanding of the financial services industry and end-to-end solution implementation skills and thus Luxoft’s ability to assist us in the global transformation process.”