Grid Dynamics Joins Russell 2000® Index and Provides a Business Update


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Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) (“Grid Dynamics”), a leader in enterprise-level digital transformation, today announced the Company joined the Russell 2000® Index at the conclusion of the annual reconstitution of the Russell stock indexes, effective after the U.S. stock market opened on June 29, 2020. For more information on the Russell 2000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

“We are very pleased to be included in the Russell 2000 index,” stated Leonard Livschitz, Chief Executive Officer of Grid Dynamics. “As a new public company, our inclusion represents an opportunity to increase our visibility within the investor community and expand our shareholder base.”

“I am also very pleased with recent trends on the business front that reflect a pick-up of momentum with our customers,” said Mr. Livschitz. “After the recent uncertainty due to COVID-19, we are witnessing signs of improving trends. Some customers have accelerated growth while others recover. Additionally, our efforts continue to pay off with new logos. We are adding new customers that are engaging Grid Dynamics with their critical digital transformation initiatives. Finally, we have been successful in collecting payments from some of our retail customers that went into cash preservation mode in the early days of the pandemic. In summary, the last couple of months point to improving trends for Grid Dynamics and we are optimistic as our customers increasingly seek our expertise in digital transformation.”