Key points to remember:
- The leading digital IT consulting provider recently announced its fourth consecutive quarter with record revenue and nearly doubled its annual revenue in 2021.
- North America leads the growth with more than 80% of 2021 revenue.
- Strong customer support led to increased demand in March.
- Continued expansion across geographic regions including Mexico, Poland, Armenia and the Balkans.
- The recent opening of Grid Dynamics India gives the company a solid foothold in Asia.
- The company is experiencing continued and rapid expansion in Poland’s four major IT markets, and the office in Mexico is expected to double its original size to support business growth.
- Total headcount has increased by more than 10% globally since the start of 2022.
- Management reaffirms its performance outlook for the first quarter of 2022.
SAN RAMON, Calif. /ACCESSWIRE/March 28, 2022/ Grid dynamics Holdings, Inc. (NASDAQ:GDYN) (Grid Dynamics), a leader in enterprise-level digital engineering services and solutions, today announced accelerating customer momentum and growth, demonstrating increased demand for the company’s differentiated approach to building digital platforms, applications and expertise in technologies such as AI, cloud and data analytics.
As the world continues to grapple with the economic impact of the global pandemic and, more recently, the war in Ukraine, businesses across multiple industry sectors face the ongoing challenge of rapidly scaling digital transformation initiatives to create improved customer experiences, streamline operations and increase revenue. . Grid Dynamics’ proven track record of creating and launching digital solutions, combined with its high-caliber engineering talent, continues to see existing customers expand their engagements while attracting new big-name logos to its growing roster. remarkable customers quickly.
Business Growth: Grid Dynamics nearly doubled its annual revenue in 2021, with record revenue growth for the fourth consecutive quarter, three times the same period the previous year. North America accounted for more than eighty percent of revenue, with EMEA representing less than twenty percent and no revenue recorded for the Eastern Europe/CIS region .
Customers are showing strong support for continued work with Grid Dynamics and ongoing relief efforts in Ukraine. Seventy-five percent of enterprise customers, which account for eighty percent of revenue, accelerated growth in March 2022. To meet increased demand, the company opened operations in India and added three new partners, including one of the major IT players. service companies in the United States. The company is also experiencing continuous and rapid expansion in Poland’s four major IT markets. Additionally, Grid Dynamics Mexico should double its original size. The total workforce has already increased by more than ten percent since the beginning of the year.
Grid Dynamics’ rapid growth is a result of its leadership position in enterprise-level digital engineering services and solutions. As the trusted standard for global brands through its relentless focus on customer success, exceptional reliability and product innovation, the company helps customers quickly identify opportunities and deliver end-to-end digital transformation. bout with deep expertise in next-generation technologies.
“Our customers continue to rely on us for our unwavering service and support to help them overcome complex business and technology challenges,” said Leonard Livschitz, CEO of Grid Dynamics. “As we expand our operations across Europe, Asia and Latin America, we continue to attract top talent and provide the services and capabilities Fortune 500 companies need to succeed in their transformation. digital. The continued growth we see, even in difficult times, is validation of the value we deliver. »
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About Grid Dynamics
Grid Dynamics (Nasdaq:GDYN) is a digital native technology services provider that accelerates growth and strengthens competitive advantage for Fortune 1000 companies. Grid Dynamics provides digital transformation consulting and implementation services in areas of omnichannel customer experience, big data analytics, research, artificial intelligence, cloud migration and application modernization. Grid Dynamics achieves high speed to market, quality and efficiency using technology accelerators, an agile delivery culture and its global engineering talent pool. Founded in 2006, Grid Dynamics is headquartered in Silicon Valley with offices in the US, UK, Netherlands, Mexico and Central and Eastern Europe.
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 so that the actual results of Grid Dynamics 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”, “expects”. , “may”, “will”. “, “potential”, “plans”, “plans”, “continues” or “should”, or, in each case, their negative or other variants or comparable terminology. These forward-looking statements include, but are not limited to, management quotes, statement reaffirming guidance for first quarter 2022 performance, and statements regarding Grid Dynamics’ expectations regarding future performance, particularly in light of the COVID-19 pandemic and the Russian invasion of Ukraine.
These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are beyond the control of Grid Dynamics and are difficult to predict. Factors that could cause such differences include, but are not limited to: (i) Grid Dynamics has a relatively short operating history and operates in a rapidly changing industry, which makes it difficult to assess future prospects and may increase the risk that it will not continue to be successful and adversely impact our share price; (ii) Grid Dynamics may not be able to effectively manage its growth or achieve anticipated growth, which could place significant strain on Grid Dynamics’ management personnel, systems and resources; (iii) Grid Dynamics’ revenues are highly dependent on a limited number of customers and industries that are affected by seasonal trends, and any decline in demand for outsourced services in these industries may reduce Grid Dynamics’ revenues and adversely Grid Dynamics’ business, financial condition and results of operations; (iv) the impact of the COVID-19 pandemic and the Russian invasion of Ukraine has and may continue to have a material adverse effect on our stock price, business operations and overall financial performance; (v) Grid Dynamics’ revenues are highly dependent on customers located primarily in the United States, and any economic downturn in the United States or other parts of the world, including Europe, or disruptions in credit markets may have a material adverse effect on the business, financial condition and results of operations of Grid Dynamics; (vi) Grid Dynamics faces intense and growing competition; (vii) Grid Dynamics’ inability to successfully attract, hire, develop, motivate and retain highly qualified personnel could have a material adverse effect on Grid Dynamics’ business, financial condition and results of operations; (viii) failure to adapt to rapidly changing technologies, methodologies and industry standards may have a material adverse effect on the business, financial condition and results of operations of Grid Dynamics; (ix) failure to successfully provide the contracted services or cause disruptions in the business of customers may have a material adverse effect on the reputation, business, financial condition and results of operations of Grid Dynamics; (x) the risks and costs associated with the acquisition and integration of other companies, including Daxx and Tacit; and (xi) other risks and uncertainties set forth in Grid Dynamics’ filings with the SEC.
Grid Dynamics cautions that the above list of factors is not exclusive. Grid Dynamics cautions readers not to place undue reliance on forward-looking statements, which speak only as of the date. Grid Dynamics neither undertakes nor accepts any obligation or undertaking to issue updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances about which any such statement is made. based. Additional information about factors that could materially affect Grid Dynamics, including its results of operations and financial condition, is set forth in the “Risk Factors” section of the company’s Annual Report on Form 10-K filed on March 3, 2022 and in other periodic documents. Grid Dynamics made with the SEC.
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