April 7, 2017 (Boston, MA) – Covington Associates LLC, a leading middle market investment bank announced its role as exclusive advisor to Grid Dynamics International, Inc., a provider of scalable, next-generation technology solutions, on the sale of its business to Automated Systems Holdings Limited (ASL) (HKSE: 771), a Hong Kong based IT services leader in system integration, hardware, software and support services. ASL is a subsidiary of Beijing Teamsun Technology Co., Ltd (Teamsun), the leading IT service provider in China (SHSE: 600410).
After the acquisition, Grid Dynamics becomes a wholly owned subsidiary of ASL, operating independently under the name of Grid Dynamics. The principle drivers behind the merger include:
– Global expansion of Grid Dynamics’ Retail expert services and solutions to the Asian market, particularly China and Hong Kong;
– Joint pursuit of European market, in Retail and other verticals;
– Accelerated expansion to new industries effected by digital transformation, including Automotive, Fin-tech, Healthcare and Manufacturing;
– Joint opportunities to develop new capabilities in the areas of Data Science, Machine Learning, Artificial Intelligence, Connected Cars and Internet of Things, to name a few.
“This acquisition is a tremendous milestone for Grid Dynamics,” says Leonard Livschitz, CEO of Grid Dynamics. “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 — to meet the exploding demand for Grid Dynamics’ expertise and next-generation technology solutions around digital eCommerce, Big Data, Cloud and Open Source. On top of that, we can jointly pursue emerging opportunities, such as Connected Cars and IoT in traditional industries, like Manufacturing and Automotive.”
“The Covington team was a key partner for Grid Dynamics in this Transaction,” commented Leonard Livschitz. “Their experience, focus and commitment helped assure a successful outcome for the Company and its shareholders.
About Covington Associates LLC
Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991, with offices in Boston, and New York, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization. Since its inception, Covington Associates has completed more than 200 transactions globally for both private and publicly traded companies totaling over $15 billion.
About Grid Dynamics
Grid Dynamics is a leading provider of scalable, next-generation technology solutions based on Big Data, Cloud and Open Source in the areas of omnichannel digital commerce, Real-time Analytics, Machine Learning, Cloud-enablement and continuous delivery for Fortune 500 customers in Retail, Financial services and Technology sectors. To learn more about Grid Dynamics, visit www.griddynamics.com
About ASL
ASL is publicly traded under the name of Automated Systems Holdings Limited (HKSE: 771) on the Stock Exchange of Hong Kong. ASL’s ultimate controlling shareholder is Beijing Teamsun Technology Co., Ltd. (“Teamsun”) whose shares are listed on the Shanghai Stock Exchange (SHSE: 600410).
About Teamsun
Beijing Teamsun Technology Co., Ltd. is one of China’s biggest IT service providers, with its business covering system integration, Big Data, Cloud computing, high-end computing systems, M&A, IoT etc, in Mainland China, Hong Kong, Taiwan, Macau and part of Southeast Asia. Teamsun owns two listed companies, Teamsun (SHSE: 600410) & ASL (HKSE: 771), and three NEEQ listed companies (NEEQ is the over-the-counter market for China’s growth enterprises). Teamsun is headquartered in Beijing with more than 5,000 staff and more than 20 IT service holding subsidiaries in various verticals. Since it became a listed company in 2004, the CAGR has been up to 23%, and its current turnover is more than RMB 5.0 billion yuan.