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The leading Russian outsourcing software company, Luxoft, acquired the leading Romanian telecoms software outsourcing company, ITC Networks, from the company’s management and financial investors. The acquisition shall create a new leader in software service outsourcing in Eastern Europe with more than 3,000 employees and annual run rate of over $150 million.

The private equity firm Da Vinci Capital invested $17.8 million in EPAM Systems, the Eastern Europe and Russia’s largest software development outsourcing services provider, reported RBC Daily. It is estimated that Da Vinci Capital obtained a less than 10% stake in EPAM that reported revenues of $115 million in 2007.

The Eastern Europe and Russia’s largest software development outsourcing services provider EPAM Systems agreed to acquire Plusmicro, a leading ERP software development and services company in Kazakhstan in all-share deal.