Unafortis

In September, 2017 it became known that Luxoft purchased the Swiss company Unafortis which is engaged in implementation of banking software of Avaloq. Transaction amount will be around $17 million Luxoft hopes to integrate Unafortis with resources earlier purchased British company Exelian ^[1].

Unafortis is engaged in implementation of banking software of Avaloq developed by the Swiss company of the same name and implemented in more than in 155 financial institutions. Based on Arizon, joint development of bank and Avaloq, the Austrian Raiffeisen Bank works.

Acted as sellers of Unafortis other Swiss company - Königstein Holding and also individuals: André Pierre Müller, Dino Duelli, Olaf Hermann and Ronald Roccioletti.

Under the terms of the agreement at the time of closing of the transaction Luxoft will pay 15.7 million Swiss francs ($16.2 million) for Unafortis. Also the transaction contains a number of the postponed obligations. In case of achievement of Unafortis of particular strategic objectives Luxoft will pay in addition to sellers 1 million more Swiss francs ($1.03 million). It will increase the total amount of the transaction to 17 million Swiss francs ($17.7 million).

Besides, in case of achievement of Unafortis of a certain financial performance during the period from October 1, 2017 to March 31, 2020 Luxoft will have to make some more additional payments for benefit of sellers whose size is not determined yet. In return, sellers assumed liabilities not to be engaged in the competing business and not to hire to themselves employees of acquired company.

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