Grid Dynamics Demonstrates Significant Business Momentum with Continued Revenue Growth, Increased Customer Demand, and Expanded Global Client Engagements

Key Takeaways:

• The leading digital IT consulting provider recently reported 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 support from customers 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 firm foothold in Asia.
• The company sees continued, rapid expansion in the top four IT markets in Poland, and the office in Mexico is set to double its original size to support the business growth.
• Total headcount increased by more than 10% globally since the beginning of 2022.
• Management reaffirms outlook for Q1 2022 performance.

SAN RAMON, CA / ACCESSWIRE / March 28, 2022 / Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) (Grid Dynamics), a leader in enterprise-level digital engineering services and solutions, today announced accelerated momentum and customer growth, demonstrating heightened demand for the company's differentiated approach to building digital platforms, applications and deep expertise in technologies like AI, cloud, and data analytics.

With the world continuing to address the economic impact of the global pandemic and, more recently, the war in Ukraine, companies across multiple industry sectors face the ongoing challenge of rapidly scaling digital transformation initiatives to create enhanced customer experiences, streamline operations, and increase revenues. Grid Dynamics' proven track record of successfully building and launching digital solutions, combined with its high-caliber engineering talent, continues to see existing customers expand their engagements while attracting new marquee logos to its rapidly growing roster of noteworthy clients.

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 over eighty percent of the revenue, with EMEA at less than twenty percent and no revenue reported from Eastern Europe/CIS region.

The clients are showing robust support for continuing work with Grid Dynamics and the ongoing relief efforts in Ukraine. Seventy-five percent of enterprise customers, which account for eighty percent of the revenues, have accelerated their growth in March 2022. To support the increased demand, the company opened operations in India and has added three new partners, including one of the leading IT services companies in the US. The company also sees continued, rapid expansion across Poland's top four IT markets. In addition, Grid Dynamics Mexico is set to double its original size. The total headcount has already increased by more than ten percent from the beginning of the year.