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Grid Dynamics Holdings, Inc. provides enterprise AI transformation, technology consulting, platform and product engineering, advanced analytics, cloud, data engineering, application modernization, and digital engagement services for large enterprises.
Company news centers on quarterly results, AI revenue and partner-influenced revenue, work with hyperscale cloud providers, and client deployments across technology, media and telecom, retail, finance, consumer packaged goods and manufacturing, healthcare and pharma, and other verticals. Updates also cover solutions such as the Merchandising Experience Platform and NVIDIA-based AI applications, as well as strategic collaborations with cloud and AI technology partners.
Grid Dynamics (Nasdaq: GDYN) will host a conference call on March 4, 2021, at 4:30 p.m. ET to discuss its financial results for Q4 and the full year 2020. Investors can access the call via the Investor Relations section of the company's website or by dialing in. A replay will be available shortly after the call and will remain accessible until March 18, 2021. Grid Dynamics is a digital-native technology services provider, specializing in digital transformation for Fortune 1000 companies.
Grid Dynamics Holdings (Nasdaq: GDYN) has acquired Daxx, a software development firm based in the Netherlands. This acquisition enhances Grid Dynamics' services by integrating Daxx's two decades of experience in software development and technology consulting. Daxx specializes in agile process reengineering, lean development, and DevOps, serving clients in Europe and the U.S. The move aims to expand Grid Dynamics' presence in Western Europe, leveraging Amsterdam as a strategic hub for growth in the fast-evolving digital transformation sector.
Grid Dynamics announced Q3 2020 results, reporting $26.3 million in revenue, an 18% sequential growth from Q2 but a 16% year-over-year decline. The Technology vertical, which constituted 48% of revenue, grew by 45% year-over-year. Despite a GAAP Net Loss of $(1.1) million, the company achieved an Adjusted EBITDA of $4.2 million, or 16% of revenue. The company expects Q4 revenues between $27.7 million and $28.7 million. Cash reserves increased to $126.5 million due to a merger earlier in the year.
Grid Dynamics (Nasdaq: GDYN) will host a conference call at 4:30 p.m. ET on November 5, 2020, to discuss its third quarter 2020 financial results, releasing results prior to the call. Investors can access the call via a webcast or by dialing specific phone numbers. A replay will be available after the call until November 19, 2020.
As a leader in digital transformation for Fortune 1000 companies, Grid Dynamics focuses on strategy consulting and delivering digital platforms using advanced technologies, aiding clients in becoming more agile and innovative.