Luxoft's financial services arm Excelian buys derivIT and Unafortis

26 October 2017

Excelian, an international financial services IT consultancy, has bolstered its product offerings across the globe with the acquisitions of derivIT and Unafortis. The buyers hope that Singapore based derivIT will provide them with a route into Asia’s expanding digital consulting market, while Switzerland based Unafortis is geared toward Excelian’s competing for complex end-to-end transformational engagements.

Luxoft is an international professional services firm specialising in custom software development company with more than 12,800 employees, 42 offices in 21 countries in North America, Mexico, Western and Eastern Europe, Asia Pacific, and South Africa. As it continues a period of global expansion, Excelian, Luxoft’s Financial Services division, has confirmed the purchase of firms in Switzerland and Singapore.

derivIT acquisition

In the second quarter the firm acquired derivIT, a Singapore-based financial services-focused technology consulting company to the Capital Markets industry. derivIT, founded in 2007, provides a blend of technology expertise, industry and domain understanding and knowledge of leading platforms, such as Murex. Being a Global Alliance partner to Murex has allowed derivIT to offer a complete range of services on Murex’s MX.3 and MxG2000 platforms covering system implementations, upgrades, support, development, risk consulting, and managed testing.

The acquisition further strengthened Luxoft’s Asia-Pacific (APAC) presence, and added a number of delivery centres, which are expected to enhance the scalability of Luxoft’s current distributed delivery centre ecosystem into additional locations, such as Bangalore, India; Dubai, UAE; and Tianjin, China. The acquisition also expanded Luxoft’s existing capabilities in Singapore.

Excelian buys derivIT

Dmitry Loschinin, President and CEO of Luxoft, said, “Completion of the derivIT transaction reinforces a strong foundation on which our company is building its presence and the delivery platform in the APAC. We are very pleased to welcome derivIT and start realising expected significant synergies in servicing current high-potential clients in the Asia Pacific region, anchoring new business opportunities in financial, automotive, telecom and other sectors, as well as taking advantage of the immediate cross-selling opportunities we see at this time.”

The global financial services industry is increasingly looking to technology for solutions to cost-cutting and security provision when out-foxing innovative new market players. Increased regulatory pressure and digital disruption are in addition putting growing pressure on banks. As a result, institutions are simplifying their operations by consolidating their IT platforms and implementing standard packaged solutions to boost profitability, with Excelian and Luxoft one of the trusted players in the landscape. 

Excelian’s Global Head, Roman Trakhtenberg, added, “We are excited to join forces with derivIT and continue to strengthen our foothold in Asia Pacific. The region enjoys ample demand for packaged software to streamline operations and generate operational cost savings for continued investments into innovation and digital transformation. Furthermore, the expansion of our sophisticated engineering workforce, which delivers premium consulting and digital-related services from India, Vietnam, and Malaysia, is expected to significantly improve our ability to effectively cater to large enterprises located in Singapore, Australia, Hong Kong, China, and the Middle East.”

Unafortis acquisition

Building on the bolt-on, Excelian last month also confirmed the purchase of Swiss Avaloq service providers Unafortis. Avaloq is a Swiss company which develops and provides software for core banking. The software system, Avaloq Banking Suite, is used by more than 140 banks worldwide, and as one of its lead partners, Unafortis subsequently develops its solutions and delivers its services from 37 dedicated delivery centres worldwide. It has more than 12,800 employees across 42 offices in 21 countries within five continents – North America, Europe, Africa, Asia, and Australia.

The acquisition of Unafortis is the latest example of Luxoft continuing to build practices around popular standard software packages, allowing the company to better differentiate and compete for complex end-to-end transformational engagements. It also supplements Luxoft’s pre-existing expertise in standardised software and enables Excelian/Luxoft Financial Services to target growth of their global client base within the wealth management, private, and universal banking sectors.Excelian buys Unafortis

Taking advantage of synergies in the UK, APAC, Germany and North America, as well as the near and offshore – regionally adaptable – core capabilities of Luxoft, the firm has announced its intent to offer Avaloq-based services beyond the predominantly Swiss-client base of Unafortis. Luxoft intends to build a 150-200 engineer global practice in the coming period, working with Avaloq to serve more wealth management and private banking clients.

Commenting on the second transaction, Loschinin said, “It is a strategically important acquisition, helping us diversify financial services business outside of our core investment banking and capital markets presence. Its client base complements our own, creating mid-term cross-selling opportunities that can be scaled significantly through our delivery network. This will add another valuable premium services layer to our core application development and maintenance offering.”

In a collective statement, meanwhile, Unafortis’ founding partners said, "We are very pleased with our alliance with Luxoft. We believe that both the company’s culture and domain expertise will make for a successful acquisition. Our company has grown significantly in the last few years and still has a deep pipeline for further growth. We will help Luxoft grow its presence in wealth management and private and retail banking with the support of our highly skilled consultants.”

Excelian’s parent Luxoft is incorporated in Tortola, British Virgin Islands, has its operating headquarters office in Zug, Switzerland – the city which recently overtook London as the city with fourth most millionaires, globally – and is listed on the New York Stock Exchange.

Related: Excelian Luxoft supports bank with FRTB compliance programme.

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SQW Group purchases property-based regeneration consultancy

19 April 2019

UK consulting firm SQW Group has completed its first acquisition since it completed a management buyout in January 2019. BBP Regeneration joins the company having collaborated with SQW for more than 20 years.

Established in 1983, SQW Group now operates all over the world. Comprising SQW, Oxford Innovation, Oxford Innovation Services – one of the UK’s leading innovation centre operators – and Oxford Investment Opportunities Network, the organisation’s origins can be traced to Britain’s two ancient university cities: Oxford, through Oxford Trust founders, Martin and Audrey Wood, and Cambridge, through SQW’s work in producing The Cambridge Phenomenon.

The consultancy specialises in public policy, working with entities from the public, private and voluntary sectors to research, develop, implement and evaluate social and economic development interventions. It now employs over 250 people across regional offices in London, Oxford and Edinburgh, and provides business support to over 4,000 entrepreneurs and small businesses each year. At the start of 2019, SQW secured its independence in a management buyout, advised on by M&A experts from Liberty Corporate Finance and Penningtons Manches.

SQW Group purchases property-based regeneration consultancy

SQW has strengthened its position as a provider of services across the business spectrum with the acquisition of BBP Regeneration. Founded in 1994, the consulting firm specialises in land and property-based regeneration and growth schemes, and is a leading social and economic development consultancy. 

The two firms first worked together over 20 years ago, when SQW and BBP collaborated to develop the first Regional Economic Strategy for the South East. More recently, they developed an economic strategy for Thanet and are now working together in locations stretching from Cwmbran via Oxfordshire to London.

With the addition of BBP, SQW can now provide an integrated advisory service for organisations developing property schemes which deliver economic benefit to their local area. By joining SQW, meanwhile, BBP hopes to further enhance its ability to support clients in delivering property and place-making ambitions. 

Speaking about the deal, SQW CEO David Crichton-Miller commented, “The UK more than ever needs solutions to the challenges of places – of high streets under threat, of meeting housing delivery targets, and of both economically over-successful and economically challenged towns and cities – and the combination of SQW and BBP is uniquely suited to developing those solutions. [This deal] brings together critical and complementary services relating to places to serve our clients with leading edge and practical advice.”

Andy Smith, Director of BBP Regeneration, added, “SQW shares with BBP the same values of seeking to provide outstanding, practical, real world advice that helps get buildings built and places developed.  We greatly look forward to the opportunities that come from joining our two organisations together.”