Grid Dynamics, backed by the former CEO of 3com and Palm, was acquired on Friday by Teamsun, China’s leading IT service provider.
The terms of the deal were not disclosed. Grid Dynamics had raised only $1.8 million since its founding in 2006, growing the business without needing more.
Grid Dynamics is now wholly owned by Teamsun subsidiary Automated Systems Holdings Limited. Grid Dynamics will continue to operate independently under its own name.
CEO Leonard Livschitz heads up the Menlo Park-based Grid Dynamics, which provides e-commerce technology to customers in the retail, finance, media and technology sectors.
“This acquisition is a tremendous milestone” Livschitz said in a press release. “As a part of the ASL/Teamsun family, we gain access to new markets — such as China, Hong Kong and other Asia Pacific countries, as well as Europe.”
Livschitz also hopes to pursue emerging opportunities, such as connected cars and IoT in the manufacturing and automotive sectors.
ASL is a Hong Kong-based IT service and leader in system integration, hardware, software and support services. ASL is a subsidiary of Beijing-based Teamsun, which maintains more than 5,000 employees and more than 20 IT service holding subsidiaries in various verticals.
“Customers trust Grid Dynamics to develop their digital future,” ASL CEO Leon Wang said in a press release. “We are excited to join forces to go after more customers in more regions and industries.”
- 11 Apr, 2017
- Posted by Anik Bose
- 0 Comments