Russian software developer Luxoft is to open a research and development center in Sofia in March.

US telecoms software developer Comverse opened a research and development center in Bulgaria in 2013, according to reports Bulgarian business daily Capital daily.

The R&D center of Luxoft is to provide software development services and IT solutions for companies specialized in the sphere of financial services and it expects to expand its activities after a certain period of time.

The Russia-based software developer plans to hire 400 employees for its Sofia office over the next two years. The amount of the investment in the Bulgarian unit has not been specified.

Luxoft decided to open an R&D center in Bulgaria due to the availability of highly-qualified IT specialists, the attractive tax regime, the robust infrastructure, the favorable geographic location, the EU laws and security environment, according to a media statement of the company.

The new R&D center is part of the company's strategy to expand its presence in Central and Eastern Europe.

Luxoft currently has operations in 13 countries around the world and its Sofia-based unit will be its 20th global location. The company employs over 7200 people worldwide.

Luxoft has principal executive office in Zug, Switzerland and is listed on New York Stock Exchange (LXFT US).

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