HONG KONG, CHINA and MENLO PARK, CA --(Marketwired - April 07, 2017) - Automated Systems Holdings Limited (ASL) (HKSE: 771), a Hong Kong based IT services leader in system integration, hardware, software and support services, and Grid Dynamics, a leading provider of scalable, next-generation technology solutions based on Big Data, Cloud and Open Source technologies for Fortune 500 customers in Retail, Fin-tech and Technology sectors, today announced ASL has completed its acquisition of Grid Dynamics. 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.
"Grid Dynamics has innovation in its DNA -- it has been building industry-leading solutions using cutting-edge technologies on a massive scale for leading US companies for over ten years now. We are enthusiastic how, together, we can go after bigger markets and grow faster," says Mr. Weihang Wang, Chairman of Beijing Teamsun Technology Co., Ltd.
"Grid Dynamics has demonstrated rock solid performance over 10 years, growing organically and profitably every step of the way, while constantly evolving its expertise to keep up with the pace of innovation. Customers trust Grid Dynamics to develop their digital future. We are excited to join forces to go after more customers in more regions and industries, and capitalize on the move towards Big Data, Machine Learning, Open Source and the Cloud that we see in our traditional customer base, as well as in emerging accounts," added Leon Wang, Executive Director and CEO of Automated Systems Holdings Limited.
"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."
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).
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.
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, find us at www.griddynamics.com, read our technical blog at blog.griddynamics.com or by following us on Twitter @GridDynamics.