Grid Dynamics Hldgs Inc - GDYN STOCK NEWS

Grid Dynamics Holdings, Inc. (NASDAQ: GDYN) has announced its acquisition of JUXT, a UK-based provider of software engineering services specializing in data-intensive information systems for banking and financial institutions. This strategic move expands Grid Dynamics' global footprint and strengthens its expertise in the financial services sector, particularly within the European market.

JUXT, founded in 2013, is known for delivering complex end-to-end solutions, focusing on risk platforms, structured notes, equity derivatives, and financial reporting. The acquisition aligns with Grid Dynamics' GigaCube growth strategy, enhancing its ability to serve enterprise clients in the financial services industry with reliable, scalable, and future-proof data solutions.

Leonard Livschitz, CEO of Grid Dynamics, emphasized that the acquisition accelerates their growth in the financial services industry and brings valuable experience in designing and implementing data-driven infrastructures for major banks and enterprises.

Grid Dynamics (Nasdaq: GDYN) reported record Q2 2024 revenue of $83.0 million, surpassing their outlook range of $80.0-$82.0 million. The Retail and TMT sectors contributed the most, with 32.2% and 28.0% of revenues, respectively. The Finance vertical experienced significant growth, increasing 22.7% sequentially and 86.2% YoY. Despite the revenue achievement, the company reported a GAAP net loss of $0.8 million or $(0.01) per share. Non-GAAP net income was $6.0 million or $0.08 per diluted share. The GAAP gross profit was $29.6 million (35.6% of revenue) while non-GAAP gross profit was $30.1 million (36.2% of revenue).

Grid Dynamics' Q3 2024 revenue is projected to be $84.0-$86.0 million with non-GAAP EBITDA between $12.3 million and $13.3 million. The company reported $13.9 million in cash flow from operations for the first half of 2024 and ended Q2 with $256.0 million in cash equivalents. Total headcount was 3,961, indicating an increase from the previous year.

Grid Dynamics (NASDAQ: GDYN) has introduced an AI-powered Data Observability Starter Kit to help businesses ensure data quality across their data transformation processes and platforms. This solution offers comprehensive checks for various data types, including anomaly detection and statistical distribution checks. Key features include:

1. Pre-built integrations with major data platforms and warehouses
2. Checks for structured and unstructured data
3. AI models for simplified configuration and maintenance
4. Ability to flag anomalies in data elements

The starter kit extends Grid Dynamics' Analytics Platform capabilities, providing clients with pre-packaged enterprise data services. It aims to accelerate time-to-market for enterprise-scale clients and supports the company's GigaCube growth strategy.

Grid Dynamics Holdings (Nasdaq: GDYN), a leading provider of enterprise-level digital transformation services, will announce its Q2 2024 financial results on August 1, 2024. The company will host a video conference call at 4:30 p.m. ET on the same day to discuss these results. The financial results press release will be issued beforehand. Investors can access the webcast and its replay in the Investor Relations section of Grid Dynamics' website using the passcode: $Q2@2024.

Grid Dynamics Holdings (NASDAQ: GDYN) has unveiled its AI for Developer Productivity Toolkit, designed to accelerate software development processes and modernize legacy projects. The toolkit includes three specialized tools: AI Application Modernization, AI Test Automation, and AI Assistant for Cloud Observability. These tools provide advanced automation capabilities, outperforming general-purpose GenAI coding copilots. The AI Application Modernization tool conducts architectural analysis and generates specifications for legacy applications. The AI Test Automation tool creates functional test cases and automation code by analyzing business logic. The AI Assistant for Cloud Observability enables natural language querying for cloud data, enhancing site reliability engineers' productivity. These tools are pluggable and can integrate with major LLM service providers. Grid Dynamics emphasizes that these purpose-built tools offer significant productivity gains and are part of the company's GigaCube growth strategy.

Grid Dynamics Holdings has secured two MACH Impact Awards for Best Retail Project and Best Overall Change Project. This recognition came at the MACH THREE conference in New York City, held on June 17-18, 2024. The awards underscore Grid Dynamics' expertise in Microservices, API-first development, Cloud-native solutions, and Headless architecture (MACH) technology. The company was honored for its work with Clarks, a global footwear brand, highlighting their capability to deliver complex, composable commerce solutions within tight deadlines. The awards validate Grid Dynamics' role in successfully modernizing Clarks' digital systems with future-proof, flexible, and scalable technology. This achievement is part of Grid Dynamics' broader commitment to setting benchmarks in digital transformation and supporting its GigaCube growth strategy.

Grid Dynamics (NASDAQ: GDYN) has launched a Composable Commerce Help Desk Starter Kit, tailored to replace legacy customer support systems with modern, composable architectures. This minimum viable product (MVP) can be deployed within 1-2 months, enhancing customer support capabilities by managing profiles, processing refunds, and addressing various order-related issues. It integrates seamlessly with commercetools and adheres to MACH architecture principles, offering flexibility, better customer interaction, and streamlined support. The starter kit aims to provide a scalable, future-proof solution that meets the sophisticated demands of modern customers while driving operational efficiency and business value.

Grid Dynamics (NASDAQ: GDYN) and ASICS Digital have won the Most Innovative Project at the 2024 Contentstack Experience Awards (CXA). This award acknowledges their collaborative work in overhauling a legacy content setup within a tight five-month timeline. The project involved significant technological advancements, including the design of 13 custom SEO extensions, content propagation across 32 locales, and CTA label localization. The innovative content setup performed flawlessly during Black Friday. The award was announced at ContentCon2024, Contentstack's annual customer conference in Austin, TX.

Grid Dynamics (NASDAQ: GDYN), a leader in technology consulting and AI services, has achieved the Amazon Web Services (AWS) Machine Learning Competency. This indicates their expertise in deploying ML-enabled workloads on AWS, which helps clients optimize operations and improve decision-making. The company offers tailored solutions that foster innovation and enhance customer experiences across various industries, including manufacturing, e-commerce, and insurance. This designation validates Grid Dynamics' ability to deliver cutting-edge data science solutions, maximizing AWS services to solve business problems with AI. Their Machine Learning Platform Starter Kit for AWS helps clients build production-ready, cloud-native ML platforms quickly, reducing operational costs and accelerating time-to-market.