MOSCOW, June 03. /ITAR-TASS/. The revenue of Russia’s IT holding IBS Group rose 3.8% in the 2013-2014 fiscal year, which ended on March 31, to US $903.6 million, the group said in a statement Tuesday.

Revenues from Russian operations amounted to $521.2 million in the reported period. Revenues from North America amounted to $192.1 million, while European operations gave $190.3 million of revenue.

IT services segment revenues decreased 11.2% in the period to $429.8 million. Software development segment revenues increased 26.0% to $398.3 million.

“We have noticed a significant transformation of the demand for corporate solutions on the Russian IT market which is driven by emerging of new technological philosophy of the IT-support by corporations. The changes are influenced by implementation of such technologies as cloud solutions, mobile devices, and big data,” the group’s President Anatoly Karachinsky said, as quoted in the statement.

“Moreover, dynamics of the domestic IT market is very much linked to the complex situation in the Russian economy. These factors forced us to begin a deep reorganization of our IT Services segment aiming at cost cutting and efficiency gains. We anticipate that this reorganization will take from 12 to 24 months to complete,” he said.

IBS Group is owned by a group of individuals, including Karachinsky and the group’s Vice President Sergei Matsotsky, while 34.9% of shares are in a free float on the Frankfurt Stock Exchange. The group’s capitalization amounts to $406.8 million. The group’s main units are systems integration company IBS and software designer Luxoft.