Grid Dynamics Holdings, Inc. - GDYN STOCK NEWS

Grid Dynamics (NASDAQ:GDYN) announced a follow-on public offering of 10,100,262 shares at $15.03 each, with 4,000,000 shares from the company and 6,100,262 from selling stockholders. The offering is expected to close on July 6, 2021, pending customary conditions. No proceeds will be received by Grid Dynamics from shares sold by stockholders. The underwriters have a 30-day option for an additional 1,515,039 shares. The offering is detailed in shelf registration statements effective since May 13, 2021.

Grid Dynamics (NASDAQ:GDYN) announced a proposed underwritten follow-on public offering of 10,100,262 shares of common stock. This includes 4,000,000 shares from the company and 6,100,262 shares from certain selling stockholders, with no proceeds going to Grid Dynamics from the latter. Underwriters will have a 30-day option to buy an additional 1,515,039 shares. J.P. Morgan Securities, William Blair, and Cowen are the joint book-running managers. The offering follows shelf registration statements effective since May 13, 2021.

Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) has announced its acquisition of Tacit Knowledge, a provider of end-to-end digital commerce solutions owned by Pitney Bowes (NYSE: PBI). Founded in 2002, Tacit Knowledge has a strong presence across key global markets including the UK, North America, and Asia, offering services to renowned clients such as Visa and LVMH. The acquisition expands Grid Dynamics' capabilities and customer reach, adding over 180 employees. This strategic move was financed through cash reserves, further strengthening Grid Dynamics’ position in digital transformation.

Grid Dynamics has teamed up with American Eagle Outfitters to create a new omnichannel loyalty platform aimed at enhancing customer experiences. This collaboration aims to improve marketing campaign efficiency by 20 times and decrease reliance on third-party solutions. Ljubomir Cvetkovic from American Eagle emphasized the importance of their lasting partnership with Grid Dynamics in executing this transformation. Leonard Livschitz of Grid Dynamics highlighted the initiative's potential for boosting growth and operational efficiency while maintaining existing systems.

Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) reported record revenue of $39.1 million for Q1 2021, marking a 30% sequential increase and a 21% year-over-year rise. Excluding a $6.5 million contribution from the Daxx acquisition, revenue reached $32.6 million, a 12% sequential gain. The non-retail sector provided 77% of total revenue, demonstrating strong growth. GAAP net loss narrowed to $(2.1) million or $(0.04) per share. The company anticipates Q2 revenue between $40.5 million to $42.0 million and expects at least $165.0 million for the full year.

Grid Dynamics (Nasdaq: GDYN) has unveiled a cutting-edge digital banking assistant designed to enhance the mobile banking experience. This solution utilizes AI to transform mobile banking apps into interactive financial advisors, allowing users to engage via voice, chat, or gestures. The technology aims to improve customer retention and competitiveness against fintechs. According to Max Martynov, CTO, this digital assistant allows banks to deliver personalized experiences swiftly, integrating seamlessly with existing systems while addressing the growing demand for user-friendly banking interfaces.

Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) will host a conference call on May 6, 2021, at 4:30 p.m. ET to discuss its Q1 2021 financial results. The call will be accessible via a webcast on the company's website and by phone. A news release with the financial results will precede the call. As a leader in digital transformation, Grid Dynamics serves Fortune 1000 companies, providing services in areas such as big data analytics and cloud migration. Founded in 2006, the company is headquartered in Silicon Valley.

Grid Dynamics (Nasdaq: GDYN) announced its upcoming series of free Data Points Virtual Summits aimed at industry professionals in data science and analytics. The first summit, scheduled for March 25, will focus on data-related challenges in the Media, Entertainment & Technology sectors, featuring speakers from firms like The New York Times and Spotify. Additional summits will cover Healthcare & Finance on June 9 and Manufacturing, Retail & Ecommerce on December 8. This initiative is designed to provide valuable insights into personalization and analytics in dynamic environments.

Grid Dynamics (Nasdaq: GDYN) reported fourth quarter 2020 revenue of $30.1 million, an 11% sequential growth from $29.1 million, surpassing guidance of $27.7 to $28.7 million. However, this marks a 6% decline year-over-year. The company's non-retail segments constituted 74% of revenue, with significant growth in the Technology, Media, and Telecom vertical. Full-year revenue was $111.3 million, a 6% decrease year-over-year. Looking ahead, GDYN projects Q1 2021 revenue between $35 million to $36.5 million, inclusive of Daxx's contribution.