Luxoft to move 500 programmers from Russia, Ukraine to Romania, Bulgaria, Poland

Luxoft, a software development and IT outsourcing company, founded in Russia but currently registered in Switzerland, says it plans to move some of its programmers in Russia and Ukraine to Bulgaria, Romania and Poland, where the company already runs operations, due to political tensions in the two countries, Bloomberg reports. The group currently has about 7,500 employees, 49 percent of which are based in Ukraine and 29 percent in Russia. It may move programmers from these countries to Bulgaria, Poland and Romania, where it is expanding offices and requires more expertise, Luxoft Chief Executive Officer Dmitry Loschinin said. It is uncertain however whether the company will fire the 500 programmers in Russia and Ukraine, and hire the same number of staff in Romania, Bulgaria and Poland, or if it plans to relocate the 500 people to these three countries. Luxoft entered the Romanian market in 2008, by acquiring local company ITC Networks. It currently has more than 800 employees in its Bucharest office. The group also has development centers in Bulgaria, Poland, Russia, Ukraine and Vietnam. The company, whose business stood at some USD 340 million in the last four reporting quarters, is listed on the New York Stock Exchange and has a market capitalization of USD 1 billion. editor@romania-insider.com