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Grid Dynamics Holdings, Inc. (NASDAQ: GDYN) is a premier engineering IT services company specializing in transformative, mission-critical cloud solutions tailored for the retail, finance, and technology sectors. Founded in 2006, and headquartered in San Ramon, California, Grid Dynamics boasts a global presence with offices across the US and Eastern Europe. The company is renowned for its expertise in big data analytics, scalable omnichannel services, DevOps, and cloud enablement.
Grid Dynamics is celebrated for architecting some of the busiest e-commerce platforms on the internet with unparalleled reliability, ensuring no outages during peak seasons. Their core business revolves around providing enterprise-level digital transformation services, including omnichannel customer experience, big data, analytics, artificial intelligence, cloud and DevOps, and application modernization. These services are delivered to Fortune 1000 companies, predominantly within the retail sector, generating substantial revenue primarily from North America and Europe.
Recent achievements highlight Grid Dynamics' leadership in digital transformation. A notable collaboration with Yieldmo introduced an advanced machine learning (ML) platform that optimizes ad campaign delivery and performance. This platform leverages high scalability, rapid feature deployment, and low maintenance requirements, underscoring Grid Dynamics' innovative capabilities in the adtech domain.
Additionally, Grid Dynamics has been recognized as an AWS Well-Architected Partner, reflecting their proficiency in constructing secure, high-performing, and efficient infrastructure on AWS. This status enhances their ability to offer robust digital commerce solutions, leveraging advanced data, analytics, and AI to improve customer experiences.
Grid Dynamics' commitment to excellence is reflected in their collaborative engineering culture, where highly skilled engineers and scientists work together to tackle complex problems, driving innovation and quality. Their ongoing projects and strategic partnerships continue to position them as a leader in the digital transformation landscape, fostering growth and competitive advantage for their clients.
For more detailed information, visit www.griddynamics.com.
Grid Dynamics has launched operations in Hyderabad, India, aiming to hire 1,000 employees by the end of 2022. This expansion taps into India's rich pool of engineering talent, supporting the company's goals for scaling and enhancing shareholder value. The center will focus on areas such as platform engineering, AI, and data engineering, and will promote diversity through initiatives like Women Leaders in Technology. The Hyderabad location is expected to significantly contribute to ongoing growth and serve Fortune 1000 clients.
Grid Dynamics reported a record revenue of $71.4 million for Q1 2022, marking a 7.3% sequential increase and 82.5% year-over-year growth. This revenue milestone marks the fifth consecutive quarter of record performance. The non-retail sector contributed 67.4% of total revenue, with notable growth in the Technology, Media, and Telecom vertical, which increased 48.8% year-over-year. Despite the strong revenue growth, the company reported a GAAP net loss of $(2.7) million. Looking ahead, Grid Dynamics expects Q2 2022 revenue between $72.0 million and $73.5 million.
Grid Dynamics has announced a Kubernetes Migration Starter Kit designed to facilitate the migration of enterprises from Pivotal Cloud Foundry to Amazon EKS. This kit aims to accelerate cloud transitions, reducing the time for infrastructure provisioning from months to days, and helping companies establish a production-ready microservices platform more efficiently. By leveraging AWS's cloud migration expertise alongside its own, Grid Dynamics enables businesses to focus on core operations while enhancing scalability, efficiency, and ultimately time to market for digital transformation initiatives.
Grid Dynamics (NASDAQ: GDYN) announced its expansion into Europe by opening new offices in Zug, Switzerland and Yerevan, Armenia. This strategic move aims to tap into the DACH region and Armenia's growing tech market, with over a hundred engineers being onboarded in Yerevan. Concurrently, the company will cease operations in the Russian Federation due to the ongoing conflict, ensuring a safe relocation for employees. CEO Leonard Livschitz highlighted the importance of engaging local talent in these new regions while maintaining their commitment to Ukraine.
Grid Dynamics (NASDAQ:GDYN) will host a video conference call on May 5, 2022, at 4:30 p.m. ET to discuss its first quarter 2022 financial results. A press release with detailed results will be issued prior to the call. The call will also be accessible via a webcast on the company's Investor Relations website. Established in 2006 and headquartered in Silicon Valley, Grid Dynamics specializes in digital transformation services for Fortune 1000 companies, providing solutions in areas such as AI, cloud migration, and big data analytics.
Grid Dynamics (NASDAQ:GDYN) announced the launch of its Price Optimization Starter Kit designed for Vertex AI, enhancing pricing strategies for retailers using Google Cloud. This kit utilizes machine learning to optimize pricing decisions, aiming to increase margins and inventory turnover.
Developed by industry experts, it provides advanced modeling, what-if analyses, and process automation. The kit integrates with existing data sources swiftly, promising substantial improvements in pricing strategies without hefty costs or complex deployments.
Grid Dynamics (NASDAQ:GDYN) has revised its Q1 2022 revenue outlook upward to a minimum of $65 million, surpassing previous estimates of $55 million to $60 million. The company is also expanding its workforce rapidly across regions including Central Europe, the US, Mexico, and India, reducing its Eastern Europe employee ratio from two-thirds to half of total headcount. This change is in response to increased client demand and ongoing relocations due to geopolitical challenges.
Grid Dynamics Holdings (NASDAQ:GDYN) will participate in two virtual non-deal roadshows (NDRs) with J.P. Morgan on April 6, 2022, and William Blair on April 12, 2022. These events will feature investor meetings and a fireside chat session, aimed at engaging with potential investors.
As a leader in digital transformation services, Grid Dynamics aids Fortune 1000 companies in enhancing their competitive edge through consulting and implementation services in various technology sectors.
Grid Dynamics Holdings (NASDAQ:GDYN) reported record revenue for the fourth consecutive quarter, nearly doubling its annual revenue in 2021. North America contributed over 80% of total revenue, with significant demand growth noted in March 2022. The company opened a new office in India and plans to expand its Mexico operations. Total headcount globally increased by over 10% since early 2022, indicating strong growth momentum. Management reaffirms a positive outlook for Q1 2022, emphasizing the company's role in supporting clients through digital transformation.
Grid Dynamics Holdings announced a new revolving line of credit facility for up to $30 million from J.P. Morgan Chase Bank. This credit facility, secured for a three-year term, aims to support the company's growth and operational strategies. CFO Anil Doradla expressed optimism regarding the partnership with J.P. Morgan, highlighting the facility's role in enhancing shareholder value through potential acquisitions and funding diversification. The company specializes in digital engineering services for Fortune 1000 firms, emphasizing a commitment to innovation and market responsiveness.
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