"With international equity markets in turmoil the timing of Luxoft’s IPO would seem to be poor. Add to that Luxoft is the international arm of leading Russian software developer IBS and Russian stocks are among the least popular in the emerging markets.
But Anatoly Karachinsky, the founder and president of IBS says the crisis has actually been good for business.
“The slowing global economy is not a big issue as a slowdown drives management to dramatically cut costs looking for more efficiency. Software is an easy way to cut the costs in most businesses,” Karachinsky said at an interview during last week’s St Petersburg international economic forum."
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