One of the leading Russian IT holding groups, IBS Group is in talks with private equity funds to sell a minority stake in software outsourcing service company Luxoft, reported business newspaper Vedomosti. The company seeks to raise between $20 million and $30 million from sale of the stake.
The proceeds will be used to repay debts that were obtained to finance the acquisition of Romanian software outsourcer ITC Networks in 2008 and for working capital purposes.
Founded in 2000, Luxoft reported revenues of $107 million in 2007. The company employs more than 3,000 in engineering centers in Russia, Ukraine, Romania, Canada and Vietnam.