Luxoft Remains Sharply Higher After Initial Jump

(RTTNews) - After gapping open sharply higher, shares of Luxoft Holding, Inc. (LXFT) continue to see substantial strength in late-day trading on Monday. Luxoft is currently up by 81.9 percent after reaching its best intraday level in eleven months.

The initial spike by Luxoft came after the software development company agreed to be acquired by information technology and consulting services provider DXC Technology (DXC) for $59.00 per share in cash or approximately $2 billion.

"Luxoft and DXC are highly complementary, and our shared vision of digital transformation makes this strategic combination a great fit for both organizations -- as well as enormously beneficial for our clients," said Mike Lawrie, DXC chairman, president and CEO.