Funds under the management of Fidelity Management and Research bought significant stakes of the Russian software development company Luxoft during its IPO. The Luxoft IT company had its initial public offering on the New York Stock Exchange in May 2013. Fidelity funds are now in possession of almost 980,000 shares of the IT company.

The shares were put on sale at USD17, which means that the investors spent nearly USD17 million. In the process, Fidelity acquired three percent of Luxoft’s capital.

Luxoft was incorporated in Moscow, Russia, in 2000. Leveraging an engineering legacy and R&D excellence, the company has quickly become a preferred vendor for high-end application development and product engineering projects for such global leaders as Boeing, Dell, and IBM. Faced with rapid customer growth, Luxoft opened development centers in St. Petersburg, Omsk, and Dubna to expand client support capabilities and tap into a regional talent pool. Today, each of those locations delivers complex projects for blue-chip companies.