IBS Group has reduced its share in Luxoft

Today, IBS Group has sold 4% of the shares of Luxoft , a software development company. In total, IBS Group has about 37% of the company's shares in the amount of 11.87 million, and the value of the shares sold was about $ 71.1 million.

The main reason for the sale of the stake could be the decline in the market value of Luxoft by 14.06% from $ 67.28 to $ 57.82, amid the fall of the Down Jones index by 1.29% and the NASDAQ by 3.25%. In the 2015 report, the IBS Group reported in a similar way about possible plans to completely abandon the share in Luxoft or its subsequent reduction. Together with investors, Luxoft sold the shares and the general director Dmitry Loschinin — for 3.6% of the company's shares, he received $ 15.9 million.
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Luxoft is developing software for the corporate sector — such companies as UBS, Deutsche Bank, Citi, Ford, Avaya and Juniper are among the company's main customers. Strong growth allowed Luxoft to increase its revenue to $ 520.5 million. About 36.3% Luxoft received from Deutsche Bank, and 20.1% from UBS. In part, it was these banks that could affect the decline in the company's shares - given the large role in the growth of the company's income, the banks ended the last quarter relatively weakly, which caused investors to be uncertain about Luxoft's income growth in the near future. Despite this, analysts believe in Luxoft profit growth due to potential savings brought by the company's automation services to banks, so their refusal of Luxoft services is unlikely.

According to the analyst of Sberbank CIB, Yulia Gordeeva, the reason for the sale of shares could be the shareholders' desire to support Russian business or the simple desire to monetize labor and investments due to the high liquidity of Luxoft securities. So, in 2015 alone, Luxoft shares rose from $ 38.51 to $ 77.13, after which in 2016 their value began to decline. In just one day on January 4, stocks fell in price from $ 76.55 to $ 71.36.