The acquisition of JUXT accelerates Grid Dynamics’ growth in the banking and financial services industries, particularly within the European market.
JUXT’s expertise as a full life cycle developer and operator of mission-critical information systems reinforces Grid Dynamics' go-to-market offering within financial services.
The deal expands Grid Dynamics’ portfolio of enterprise clients, and reinforces the company's position as a leader in complex data solutions.
SAN RAMON, Calif., September 26, 2024--(BUSINESS WIRE)--Grid Dynamics Holdings, Inc. (NASDAQ: GDYN) (Grid Dynamics), a leading provider of technology consulting, platform and product engineering, AI, and digital engagement services, today announces its acquisition of JUXT, a UK-based provider of software engineering services specializing in data-intensive information systems for banking and other financial institutions, with a particular focus on risk platforms, structured notes, equity derivatives, and financial reporting. With this acquisition, Grid Dynamics adds significant expertise and capabilities to better serve enterprise clients in the financial services industry.
Founded in 2013, JUXT is known for delivering complex end-to-end solutions, from design and user experience, to deep functionality and ongoing managed services. Their specializations in mission-critical platforms and products for leading banks and financial institutions make them a strategically important addition to Grid Dynamics, especially as global demand for reliable, scalable, future-proof data solutions continues to grow.
"The acquisition of JUXT helps enable us to accelerate our growth, particularly within the financial services industry," said Leonard Livschitz, CEO of Grid Dynamics. "JUXT brings a wealth of experience and operational know-how in designing and implementing data-driven infrastructures and solutions for major banks and enterprises. Areas of their expertise include trade life cycle, prime brokerage, and risk management. Their strong leadership team and capabilities align with our strategic goal of delivering exceptional value and engineering quality to our clients. This acquisition also supports our GigaCube growth strategy, by offering clients thought leadership and industry expertise in banking and financial services."
"We are excited to join Grid Dynamics," said Jon Pither, CEO of JUXT. "Grid Dynamics’ global reach and engineering excellence extend our service offering, allowing us to provide our clients a broader range of services and locations."
About Grid Dynamics
Grid Dynamics (NASDAQ: GDYN) is a leading provider of technology consulting, platform and product engineering, AI, and digital engagement services. Fusing technical vision with business acumen, we solve the most pressing technical challenges and enable positive business outcomes for enterprise companies undergoing business transformation. A key differentiator for Grid Dynamics is our 8 years of experience and leadership in enterprise AI, supported by profound expertise and ongoing investment in data, analytics, application modernization, cloud & DevOps, and customer experience. Founded in 2006, Grid Dynamics is headquartered in Silicon Valley with offices across the Americas, Europe, and India. Follow us on LinkedIn.
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 the acquisition of JUXT and its expected benefits, our product capabilities, and our company’s future growth including with customers and GigaCube strategy.
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, factors relating to our ability to achieve the expected benefits of the JUXT acquisition, as well as any factors limiting our product capabilities, the benefits of our products, and our company’s growth strategy.
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 quarterly report on Form 10-Q filed August 1, 2024, and in other periodic filings Grid Dynamics makes with the SEC.
