RCS - Grid Dynamics - Grid Dynamics Expands Operations

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19/04/2023 08:15

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RNS Number : 6682W  Grid Dynamics Holdings, Inc  18 April 2023

Grid Dynamics Expands Its Operations in the US and India-Acquires NextSphere
Technologies, a Full-Service Custom Application Development Firm

Key Takeaways:

·      The acquisition will enhance Grid Dynamics' digital
transformation capabilities with Nextsphere Technologies' specialization in
full-service customer applications development.

·      NextSphere Technologies, with years of experience with customers
in Healthcare, FinTech, and CPG/Manufacturing, will enhance Grid Dynamics'
expertise across industry verticals.

·      The acquisition adds over 200 employees to the Grid Dynamics team
in the US and India-adding US engineering delivery centers in Tampa, FL and
Phoenix, AZ, and expanded operations in India with engineering centers in
Hyderabad and Chennai.

SAN RAMON, CA / ACCESSWIRE / April 18, 2023 / Grid Dynamics Holdings, Inc.
(https://pr.report/R4tCoXry) (NASDAQ:GDYN) (Grid Dynamics), a leader in
enterprise-level digital transformation (https://pr.report/1-GOQfSg) services
and solutions, announced today that it had acquired NextSphere Technologies-a
full-service custom application development firm. With over 200 employees
across US and India, Nextsphere Technologies will support Grid Dynamics'
objectives of enhancing its technical offerings, expanding in global
footprint, and increasing its client base.

Founded in 2006, NextSphere Technologies is headquartered in Tampa, FL, and
its clients are US-based. They also have an engineering presence in Phoenix,
AZ, and operate two large engineering centers in the India tech hubs of
Hyderabad and Chennai. The company specializes in modern application
development, systems monetization, product development, cloud &
infrastructure services, and quality assurance. Over the years, the company
has worked with several brands across numerous industry verticals with
expertise in Healthcare, Fintech and CPG/Manufacturing industries.

"The acquisition of NextSphere Technologies enhances our technical
capabilities and expands our global footprint. With a proven track record of
serving customers across the Healthcare, Fintech, and CPG/Manufacturing
industries, Nextsphere Technologies' expertise will complement Grid Dynamics'
offerings to existing and new customers. Additionally, the industries where
Nextsphere Technologies has focused are key to Grid Dynamics' Gigacube
strategy of diversifying and growing to a billion-dollar revenue company. With
its headquarters in Tampa and delivery operations in India with Hyderabad and
Chennai as the key centers, the acquisition strengthens our global delivery
position in serving our clients", said Leonard Livschitz, CEO of Grid
Dynamics.

"Joining forces with Grid Dynamics is a win-win for everyone. Our clients and
our employees benefit from their comprehensive service offering, their ability
to drive business value, their culture of engineering excellence, and most
importantly, their unwavering commitment to doing whatever it takes to help
their clients and their employees thrive. From the first time we met with Grid
Dynamics, it was obvious our management and technical teams were from the same
cloth", said Dr. Raju Dantuluri, Co-Founder of NextSphere Technologies.

About NextSphere Technologies

NextSphere is a software services firm that develops, manages, hosts and
maintains applications for companies in various industries. Their
industry-certified solutions offer clients market-leading competitive
advantages gained through expedited time to market and the cost savings
afforded by a global delivery model that leverages state-of-the-art
development facilities in multiple time zones.

About Grid Dynamics

Grid Dynamics (Nasdaq: GDYN) is a digital-native technology services provider
that accelerates growth and bolsters competitive advantage for Fortune 1000
companies. Grid Dynamics provides digital transformation consulting and
implementation services in omnichannel customer experience
(https://pr.report/qMJ0uSyA) , big data (https://pr.report/T0eFdHP2) ,
analytics (https://pr.report/kzmeg1u7) , search (https://pr.report/D9dJFUE3) ,
artificial intelligence (https://pr.report/OalLVk5w) , cloud & DevOps
(https://pr.report/jxGEcnSD) , and application modernization
(https://pr.report/Y0oEqB9h) . Grid Dynamics achieves high speed-to-market,
quality, and efficiency by using technology accelerators, an agile delivery
culture, and its pool of global engineering talent. Founded in 2006, Grid
Dynamics is headquartered in Silicon Valley with offices across the US,
Mexico, UK, Europe, and India.

To learn more about Grid Dynamics, please visit www.griddynamics.com
(https://pr.report/MCFwvR3N) . Follow us on Facebook
(https://pr.report/UhrX58fW) , Twitter (https://pr.report/PqYFZxQK) , and
LinkedIn (https://pr.report/7dyfVOvH) .

Forward-Looking Statements

This communication contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 that are not historical facts, and involve risks and
uncertainties that could cause actual results of Grid Dynamics to differ
materially from those expected and projected. These forward-looking statements
can be identified by the use of forward-looking terminology, including the
words "believes," "estimates," "anticipates," "expects," "intends," "plans,"
"may," "will," "potential," "projects," "predicts," "continue," or "should,"
or, in each case, their negative or other variations or comparable
terminology. These forward-looking statements include, without limitation,
quotations and statements regarding our product capabilities, potential
benefits of the acquisition of NextSphere Technologies, and the Giga(3) growth
strategy framework.

These forward-looking statements involve significant risks and uncertainties
that could cause the actual results to differ materially from the expected
results. Most of these factors are outside Grid Dynamics' control and are
difficult to predict. Factors that may cause such differences include, but are
not limited to, our ability to successfully integrate NextSphere Technologies'
business, technology, personnel and operations; costs related to the
acquisition; whether our market grows as anticipated; the competitive
environment and competitive responses to the acquisition; general market and
business conditions; any unanticipated impact of accounting for the
acquisition; and other risks and uncertainties indicated in Grid Dynamics'
filings with the SEC.

Grid Dynamics cautions that the foregoing list of factors is not exclusive.
Grid Dynamics cautions readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made. Grid
Dynamics does not undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements to reflect
any change in its expectations or any change in events, conditions or
circumstances on which any such statement is based. Further information about
factors that could materially affect Grid Dynamics, including its results of
operations and financial condition, is set forth under the "Risk Factors"
section of the Company's annual report on Form 10-K filed February 28, 2023
and in other periodic filings Grid Dynamics makes with the SEC.

Media Contact:

Cary Savas

+1 (650) 523 5000
csavas@griddynamics.com (mailto:csavas@griddynamics.com)

SOURCE: Grid Dynamics

 

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