Luxoft, a global provider of high-end IT outsourcing, has acquired ITC Networks (ITCN), a leading Romanian software outsourcing provider specializing in the telecommunications industry.

The deal, announced today, will create a combined entity of more then 3000 employees worldwide and an annual revenue of over £75 million.

Luxoft hopes the move will increase the company's global footprint and delivery capability within the European Union while helping to strengthen Luxoft's expertise in the telecom industry.

"This acquisition is another step in Luxoft's growth and strengthening of the company's global presence," said Dmitry Loschinin, President and CEO, Luxoft. "The tremendous telecoms aptitude of the combined team, prominent European Union location and shared commitment to engineering excellence will serve Luxoft, its clients and ITC Networks' clients well for years to come."

Through the deal Luxoft will inherit ITCN existing client portfolio such as Nortel Networks, Avaya and Trapeze Networks.

The acquisition follows a recent announcement by Luxoft that it is also developing a delivery capability in Vietnam.

The fiscal value of the deal has not been disclosed.