Swiss banking giant UBS has signed a three-year strategic vendor contract with software development company Luxoft.

The agreement has a minimum target spend of $300m or $100m a year on average, and Luxoft will have strategic vendor status for UBS IT during the entire term.

The strategic framework includes business and technology consulting for regulatory compliance and new digital transformation in the areas of trading, finance, accounting, regulatory and others.

Luxoft president and CEO Dmitry Loschinin said: “We’re helping UBS leverage new innovative technologies and processes such as cloud, big data and data analytics, machine learning to optimize their business and transform the way they engage with customers.

“We are proud to be a trusted partner for UBS, assisting them in simplification of their IT infrastructure, continuous performance improvement, as well as shifting to a mutually beneficial new age output- and outcome based managed services model.”

UBS CIO Michael Dargan said: “Luxoft has been a trusted vendor for UBS for nearly a decade. We are confident in their deep understanding of the financial services industry and end-to-end solution implementation skills and thus Luxoft’s ability to assist us in the global transformation process.”