What changed in this filing

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Item 1. Business

2024-02-29 compared with 2023-02-28 · 101 added, 100 removed, 94 unchanged (68% of the section changed)

Business Combination

On March 5, 2020, a wholly-owned subsidiary (“Merger Sub 1”) of ChaSerg Technology Acquisition Corp., a Delaware corporation (“ChaSerg”), merged with and into Grid Dynamics International, Inc., a California corporation (“GDI”), with GDI surviving the merger (the “Initial Merger”).

Immediately following the Initial Merger, GDI merged with and into another wholly-owned subsidiary of ChaSerg (“Merger Sub 2”) with Merger Sub 2 surviving;

Merger Sub 2 was then renamed “Grid Dynamics International, LLC,” and ChaSerg was then renamed “Grid Dynamics Holdings, Inc.” (the “Business Combination”).

As of the open of trading on March 6, 2020, the common stock and warrants of Grid Dynamics Holdings, Inc.

(“Grid Dynamics,” “GDH,” the “Company,” “we,” “us,” or “our”), formerly those of ChaSerg, began trading on the NASDAQ as “GDYN” and “GDYNW,” respectively.

Business Overview

Grid Dynamics is an emerging leader in enterprise-level digital transformations in Fortune 1000 companies.

For enterprises that create innovative digital products and experiences, Grid Dynamics offers close collaboration to provide digital transformation initiatives that span strategy consulting, development of early prototypes and enterprise-scale delivery of new digital platforms.

Since its inception in 2006 in Menlo Park, California, as a grid and cloud consultancy firm, Grid Dynamics has been on the forefront of digital transformation.

Our specialty is working on big ideas like cloud migrations, DevOps, microservices, big data and artificial intelligence (“AI”).

Grid Dynamics quickly established itself as a provider of choice for technology and digital enterprise companies.

As a leading global digital engineering and information technology (“IT”) services provider with its headquarters in Silicon Valley and engineering centers in the United States, Mexico, India and multiple European countries, Grid Dynamics’ core business is to deliver focused and complex technical consulting, software design, development, testing and internet service operations.

Grid Dynamics also helps organizations become more agile and create innovative digital products and experiences through its deep expertise in emerging technology, such as AI, data science, cloud computing, big data and DevOps, lean software development practices and a high-performance product culture.

Grid Dynamics believes that the key to its success is a business culture that puts products over projects, client success over contract terms and real business results over pure technical innovation.

By leveraging Grid Dynamics’ proprietary processes optimized for innovation, emphasis on talent development and technical expertise, Grid Dynamics has been able to achieve significant growth.

During the last three years Grid Dynamics acquired Daxx Web Industries B.V.

(“Daxx”), Tacit Knowledge Inc.

(“Tacit”) and Mutual Mobile Inc.

(“Mutual Mobile”), respectively.

Grid Dynamics Holdings, Inc.

(“Grid Dynamics,” “GDH,” the “Company,” “we,” “us,” or “our”) is a leading provider of technology consulting, platform and product engineering, and advanced analytics services.

Fusing technical vision with business acumen, we enable positive business outcomes for enterprise companies undergoing business transformation by solving their most pressing technical challenges.

A key differentiator for Grid Dynamics is our 7+ years of experience and leadership in Enterprise artificial intelligence (“AI”), supported by profound expertise and ongoing investment in cloud, data, advanced analytics, and customer experience.

Additional market differentiators include:

• a culture of engineering excellence, R&D investment, and innovation in groundbreaking technologies before they become ubiquitous;

• a co-innovation model with continuous knowledge-sharing throughout delivery that reduces implementation risk and time-to-value, enables enterprises to build in-house capabilities, retain control of proprietary technology and data, and benefit from the adoption of new technologies;

• a global footprint, and a “Follow-the-Sun” delivery model bolstered by engineering talent driven by innovation, and technical mastery, resulting in transformational business outcomes.

Established in 2006 and headquartered in Silicon Valley, Grid Dynamics partners with clients ranging from innovative start-ups to the largest companies in the world.

Grid Dynamics believes the key to its success is a culture encouraging an unwavering “whatever it takes” dedication that puts client success over contract terms, products over projects, and real business results over pure technical innovation.

With our proprietary processes optimized for innovation, emphasis on talent development, and technical expertise, Grid Dynamics is well-positioned for continued success.

Grid Dynamics has offices across the U.S., Mexico, Jamaica, the U.K., Europe, and India.

During the last three years, Grid Dynamics acquired NextSphere Technologies Inc.

(“NextSphere”), Mutual Mobile Inc.

(“Mutual Mobile”), and Tacit Knowledge Inc.

These acquisitions diversified our geographical presence, client base, and industry vertical presence.

Industry Background and Market Opportunity

Digital transformation is a rapidly expanding market which is still in its early stages.

Digital transformation is a rapidly expanding market that is still in its early stages.

Enterprises strive to compete in the digital world, facing the need to transform to survive attacks from the nimbler and more technologically advanced newcomers.

Traditional approaches to managing information technology as a mix of vendor solutions and outsourced services often break down in the face of the imperative to innovate through technology.

Increasingly, business executives are looking at use of technology as a competitive advantage rather than a way to cut costs.

The rise of AI signifies a shift from automation of business process to automation of decision making itself.

In an effort to differentiate, corporations are directing investments towards building digital new products and experiences, instead of buying off-the-shelf software products.

This drives demand for highly technical software development, creating an opportunity for pure-play software development service providers such as Grid Dynamics.

As the demand for technical software development talent continues to grow, the shortage of this talent in the United States and Europe, as well as the inability of non-technology-based companies to attract and retain such talent, encourages organizations to look to third parties, such as Grid Dynamics, to satisfy the demand.

Further, the growing acceptance of the offshore delivery model, has created significant opportunities for software development service providers delivering from Central and Eastern Europe (“CEE”) as well as Mexico.

CEE-based service providers now compete against the largest global IT service providers and are capable of providing complex technology services.

Grid Dynamics believes that CEE is increasingly known for the quality of its software development talent, enabled in part by

decades of focus on fundamental STEM disciplines in higher education.

CEE-based teams and individuals are frequent winners of programming contests such as the ones held by the Association for Computing Machinery, or ACM, TopCoder and Kaggle.

Grid Dynamics believes that this disparity between the supply and demand for technical talent can be a significant opportunity for Grid Dynamics.

Increasingly, business executives are looking at the use of technology as a competitive advantage rather than a way to cut costs with software-defined capabilities becoming the essence of the business capabilities.

The rise of AI signifies a shift from the automation of business processes to the automation of decision-making itself.

To differentiate, corporations are directing investments toward building new digital products and experiences, instead of buying off-the-shelf software products and entire business underpinning platforms.

This drives demand for highly technical software development, creating an opportunity for pure-play platform engineering and software development service providers such as Grid Dynamics.

Sophisticated and scalable software platforms developed and continuously adapted to enterprise needs propelled many of today's most successful companies.

Their unique business approaches and ability to move fast in adapting to changing market conditions allowed them to develop strong market positions and maintain defense against competitiors.

Grid Dynamics is well-placed as a strategic partner of choice for these opportunities.

Our focus on the foundation of excellence in platform and software engineering enables the level of collaboration that only a few can offer.

Grid Dynamics has offices across Europe, India, and the Americas.

As the key drivers of our “Follow-the-Sun” model of engineering excellence, these geographies enable the acceleration of valuable business outcomes for our clients.

Our teams and programs are organized and orchestrated for continuous integration, self-sufficiency, and maximum business impact across regions.

Another strategic advantage of our “Follow-the-Sun” approach is that these geographies grow technology markets with large talent pools of highly skilled technical talent and cost-efficient scalability due to their large and well-recognized university infrastructures — a valuable asset for fueling our internship programs and attracting top talent.

As we expand our geographical

reach, we are also investing in developing a multi-discipline approach to address the challenges facing our clients.

This involves developing hybrid team capabilities focused on end-to-end problem-solving.

Strategies and Strengths

Grid Dynamics’ objective is to become a global leader in enabling digital transformation at Fortune 1000 companies.

Grid Dynamics’ strategy to achieve such objective is based on leveraging the following core strengths.

Grid Dynamics’ strategy to achieve such an objective is based on leveraging the following core strengths.

Proprietary Processes Optimized for Innovation

Grid Dynamics recognizes the changing dynamics of IT outsourcing.

Increasingly, corporations expect their service providers to participate and help shape innovation programs, which are not addressed well by the traditional service models used by outsourcing providers.

Grid Dynamics melds technical consulting, engineering and analytics competencies into unified, cross-functional digital teams which are designed to respond and adapt to the change in the client’s business.

The effectiveness of such teams is further increased by a close collaboration with the client’s technology leadership teams and active inquiry into client’s business priorities on all levels.

Grid Dynamics recognizes the changing dynamics of the IT services space.

Increasingly, corporations expect their service providers to participate and help shape innovation programs.

This leads to the development of next-level capabilities that traditional service models, used by the traditional outsourcing providers, fail to address effectively.

Grid Dynamics melds technical consulting, platform and product engineering, and analytics competencies into unified, cross-functional digital teams that are designed to respond and adapt to changes in a client’s business.

The effectiveness of such teams is further increased by close collaboration with a client’s technology and business leadership teams and active inquiry into a client’s business priorities on all levels.

Culture-First Approach to Talent Development

The ever-increasing role of digital transformation leads to the emergence of a new kind of business leader that combines a vision of business transformation with deep understanding of information technology.

The ever-increasing role of digital transformation leads to the emergence of a new kind of business leader that combines a vision of business transformation with a deep understanding of possibilities brought together by modern digital technology.

Earning the trust of these leaders is one of the pillars of Grid Dynamics’ success.

Grid Dynamics selects, trains and promotes its technical leadership based on the following cultural principles.

Grid Dynamics selects, trains, and promotes its leadership based on the following cultural principles.

• Global integration .

Demands of modern businesses transcend cultural, political and language boundaries.

Grid Dynamics builds teams which are transparently distributed across countries, time zones and reporting lines.

Decisions on hiring, staffing and promotion are all managed centrally from Grid Dynamics’ U.S.

offices, allowing Grid Dynamics to optimize for quality rather than convenience.

Demands of modern businesses transcend cultural and language boundaries.

Grid Dynamics builds teams that are transparently distributed across countries, time zones, and reporting lines.

• Partnership with client .

Grid Dynamics demands accountability and ownership of the client’s success, whether or not such success is a contractual matter.

Understanding Grid Dynamics clients’ goals and ability to manage such goals across reporting lines is a must for any leadership role within Grid Dynamics.

Grid Dynamics demands accountability and ownership of a client’s success, whether or not such success is a contractual matter.

Understanding the goals of Grid Dynamics’ clients and the ability to manage such goals across reporting lines is a must for any leadership role within Grid Dynamics.

• Technological innovation .

Understanding digital transformation and successfully delivering IT programs is impossible without a strong understanding of emerging technology.

Deep knowledge of how new technology, such as cloud, big data and AI, transforms the way corporations develop their businesses is a pre-requisite for leadership roles in Grid Dynamics.

Understanding digital transformation and successfully delivering strategic programs is impossible without a strong understanding of emerging technology.

Deep knowledge of how new technology, such as cloud, big data, and AI, transforms the way corporations develop their businesses is a prerequisite for leadership roles in Grid Dynamics.

• Education .

Grid Dynamics believes that technology changes rapidly, and it is critical for Grid Dynamics' employees to adapt even more rapidly.

Grid Dynamics believes that technology changes rapidly, and Grid Dynamics' employees must adapt even more rapidly.

Grid Dynamics offers many formal and informal training programs, such as Grid University, an online education platform with thousands of hours of training videos, to ensure that professionals can expand and enhance their capabilities.

Technical Expertise and Scalable Engineering

Grid Dynamics believes in strong infrastructure underpinning mission-critical services.

From its inception, Grid Dynamics has been focusing on developing and using its expertise in the latest technologies, such as AI and conversational systems, cloud engineering solutions, data platform, data science and analytical data platforms, DevOps, MLOps, microservices, mobile, QA automation, search and user interfaces.

By making such emerging technologies accessible to clients through the use of proprietary skill development programs, industry experience and solution accelerators, Grid Dynamics seeks to strengthen its position as a technical leader with its established clients and attract new clients.

Services and Solutions

In the rapidly evolving market of engineering and IT services, customers are increasingly looking for service providers that can be a co-innovation partner rather than a cost saving measure.

Grid Dynamics addresses this need by focusing on high value, high impact services.

The key service and solutions offerings are the following:

Technical Consulting

Grid Dynamics provides technical consulting services to help executives in charge of digital transformation define an ambitious, yet achievable roadmap, quantify business value attained through new technology, select the right technology stack, develop reference architecture and guide the transformational journey every step of the way.

Lean Prototypes

Grid Dynamics helps enterprises prototype and test new ideas.

This includes both proof-of-concept implementations, which can be rapidly put in front of the end users to verify business assumptions, as well as sophisticated, long-running labs that cross organizational walls to establish feasibility and de-risk large transformational programs.

Self-sufficient teams move quickly, use the latest technologies and aim to solve the business use case to demonstrate measurable value to the business stakeholders.

Digital Intelligence

Grid Dynamics helps corporations transform from automation of business processes to automation of decision making.

To this end, Grid Dynamics deploys data science approaches to analyze client challenges and arrive at a strategy which produces measurable outcomes.

This continuous “analyze-assess-decide-measure” cycle becomes the foundation of AI programs, leveraging the latest technologies to constantly react to real-time changes in consumer behavior.

Scalable Engineering

Grid Dynamics believes in strong infrastructure underpinning mission-critical services.

From inception, Grid Dynamics' engineers pushed the boundaries of IT performance, developing a strong expertise in distributed systems.

Grid Dynamics’ experience in cloud, NoSQL, big data, grid computing and performance engineering helps its clients go beyond the capabilities provided by off-the-shelf products.

Development Culture

Grid Dynamics helps clients to contain and rearchitect legacy platforms as a part of the digital transformation journey.

A significant factor in the success of legacy transformation is the robustness of the process of breaking down and reassembling monolithic systems into smaller, more manageable pieces.

Grid Dynamics has a deep expertise in building agile teams, which are adept at realizing incremental value through a cycle of continuous delivery enabled by automated quality and security assurance.

Grid Dynamics offers its clients services that help enable continuous integration, continuous delivery and DevOps at enterprise scale.

Experience Design

Grid Dynamics helps clients achieve higher rates of conversion and end user satisfaction by improving the service experience across engagement channels.

This includes transformation of the web user interfaces to a responsive/adaptive model, design and development of next-gen mobile applications as well as leveraging new channels of engagement such as conversational interfaces.

Grid Dynamics believes in great engineering underpinning mission-critical services.

From its inception, Grid Dynamics has built its engineering DNA with a focus on emerging technologies, leading with AI and generative AI, data engineering, cloud and microservices, DevOps and AIOps, modern frontend technologies, and QA automation.

By making advanced technology accessible to clients through experience and know-how, industry solutions, and accelerators, Grid Dynamics strengthens its position as a strategic technology partner with existing clients and attracts new clients.

In today’s engineering and IT services market, customers are increasingly looking for service providers that can be co-innovation partners rather than an implementation agency or a cost-saving measure.

Grid Dynamics addresses this need by focusing on four high-value, high-impact service areas.

Cloud Platform and Product Engineering

Our Cloud Platform and Product Engineering practice provides innovative services that enable businesses to harness the power of cloud computing and modern application development methodologies.

We specialize in architecting, designing, and building scalable, secure, and resilient cloud-based platforms and business applications that power digital transformation and business

Our expertise in platform engineering, cloud migration and modernization, DevTestSecOps, microservices, and serverless architecture helps organizations generate more revenue, reduce costs, improve time to value, and enhance performance.

By leveraging our services, customers can partner with Grid Dynamics to drive focus on innovation and growth using the latest advancements in platform engineering and product development.

AI/ Machine Learning and Data Platform Engineering

In the domain of Data and Machine Learning Platform Engineering, we offer specialized services that empower businesses to unlock the full potential of their structured and unstructured data.

Our team of experts builds robust, scalable platforms that facilitate batch and streaming data ingestion, quality, governance, orchestration, semantic modeling, observability, and analysis at scale.

By applying advanced artificial intelligence, machine learning algorithms, and analytics, we help companies derive actionable insights, predict trends, accelerate operations, and make data-driven decisions in the areas of pricing, promotions, customer experience, risk management, and supply chain that drive competitive advantage.

Our approach to data engineering and advanced analytics ensures that our customers have a solid technology foundation to support their evolving data needs and democratize it across the enterprise — enabling them to leverage their data assets for maximum impact.

Digital Engagement

Our Digital Engagement practice focuses on creating meaningful interactions between businesses and their customers through all digital channels.

We design and implement digital ecosystems that enhance customer experiences, foster brand loyalty, and drive business growth.

Our expertise in digital commerce, user experience design and mobile application engineering, computer vision, deep learning, neural search, generative AI, and large language models, enables organizations to engage with their audience more effectively across multiple touchpoints.

We co-innovate with clients and prioritize customer-centric approaches to design, build, and deploy engaging digital presences that resonate with their target audiences — increasing satisfaction and revenue.

We partner with leading vendors in MACH and Composable Commerce to drive the highest return on investment for our clients.

Supply Chain, IoT, and Advanced Manufacturing

Our Supply Chain, Internet of Things (“IoT”), and Advanced Manufacturing practice focuses on transforming traditional operations into smart, connected ecosystems.

We leverage the IoT, edge computing, advanced analytics, modern artificial intelligence, and machine learning technologies to optimize supply chain demand forecasting, inventory allocation, order management, logistics, and supplier management, improve manufacturing operational efficiency, and introduce innovation in product development and production processes.

Our expertise in building fit-for-purpose platforms and adopting the latest innovations in this space enable real-time monitoring, predictive maintenance, and autonomous operations, reducing costs and enhancing productivity across the enterprise.

Our customers benefit from our ability to integrate innovative technologies into their operations, making their supply chains more resilient, agile, and aligned with the digital economy’s demands.

Grid Dynamics has strong vertical-specific domain knowledge backed by extensive experience.

By merging technology with business processes, Grid Dynamics delivers tailored solutions in several key industry verticals:

Tech, Media and Telecom, Retail, Finance and Consumer Packaged goods (CPG)/manufacturing.

Tech, Media, and Telecom (“TMT”);

Consumer Packaged Goods (“CPG”)/Manufacturing;

Tech, Media and Telecom

Grid Dynamics has a strong presence in the digital technology sector, particularly among analytics, SaaS and platform vendors which are driven by a constant need for innovation.

Grid Dynamics has a strong presence in the digital technology sector, particularly among analytics, SaaS, and platform vendors that are driven by a constant need for innovation.

Grid Dynamics’ long-lasting expertise in complex open-source technology and in building massively scalable distributed systems, the company-wide culture of agile co-creation as well as a deep understanding of digital commerce have enabled Grid Dynamics to build strong business relationships with the leading players in this sector.

For example, Grid Dynamics has been providing software engineering, continuous delivery and deployment automation, machine learning, internal tool development, and quality engineering services to one of the largest cloud services providers, becoming one of their key technological services partners.

By utilizing Grid Dynamics’ deep expertise in the digital retail space and providing a mix of consulting and engineering services, Grid Dynamics enables its clients to win market share, shorten time to market and reduce costs of digital operations.

For example, Grid Dynamics has worked closely with a large U.S.

retail company over a span of many years to develop a strategic omnichannel transformation program and became a key contributor to the development of a new omnichannel platform including consumer experience, product discovery, analytics and inventory optimization.

CPG/Manufacturing

Grid Dynamics helps its manufacturing customers to harness digital transformation by applying novel approaches to engage the consumers directly and optimize the back-end supply chain.

For example, Grid Dynamics accelerated digital transformation in a global CPG company by building direct-to-consumer capabilities, modernizing an omnichannel pricing engine, and optimizing operational efficiency with modern data analytics and AI.

In the early days of Grid Dynamics, the financial sector recognized it for the ability to tackle high-end technology programs, such as moving from the batch to real-time fraud detection.

Today, Grid Dynamics has evolved from a niche provider to a proven partner able to enable agility and time to market in the most challenging regulatory environments.

retail company over many years to develop a strategic omnichannel transformation program and became a key contributor to the development of a new omnichannel platform including consumer experience, product discovery, analytics, and inventory optimization.

Consumer Packaged Goods and Manufacturing

Grid Dynamics helps its manufacturing customers harness digital transformation by applying novel approaches to engage consumers directly and optimize back-end supply chains.

For example, Grid Dynamics accelerated digital transformation in a global shoe manufacturing company by building composable commerce and other digital ecosystem capabilities, replacing a monolithic commerce engine, and speeding time to market with modern and flexible functionality.

In the early days of Grid Dynamics, the financial sector recognized our ability to tackle high-end technology programs, such as moving from batch to real-time fraud detection.

Today, Grid Dynamics has evolved from a niche provider to a proven partner, enabling agility and time to market in the most challenging regulatory environments.

For example, a major commercial bank chose Grid Dynamics to solve the challenge of evolving its security frameworks to realize benefits from cloud and DevOps.

In addition, Grid Dynamics enables clients operating in the Finance vertical to maximize the value of every customer interaction.

By leveraging neural search and generative AI technology, Grid Dynamics creates solutions with seamless access to financial and economic data that enable Financial advisors to make quicker, more informed decisions, and better serve their clients.

Furthermore, Grid Dynamics enables Insurance clients to achieve outstanding results with advanced customer analytics and risk-scoring models using the latest advancements in deep learning and decision sciences.

The following table presents our revenues by vertical and revenues as a percentage of total revenues by vertical for the periods indicated:

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We believe that the combination of our delivery model optimized for co-innovation and the placement of our technology leaders at clients’ premises creates a key competitive advantage that enables us to better understand and meet a client’s diverse needs.

The majority of Grid Dynamics’ engineering personnel is located within Grid Dynamics’ engineering centers in the United States and CEE.

Grid Dynamics has engineering personnel located within Grid Dynamics’ engineering centers across Europe, India, and the Americas.

As of December 31, 2023, Grid Dynamics had 3,920 full-time and part-time personnel and delivered services from engineering centers located in the following countries:

United States, Mexico, Ukraine, Poland, Armenia, Serbia, United Kingdom, Netherlands, Moldova, India, Jamaica and Romania.

Grid Dynamics also places its IT professionals at client premises and promotes temporary assignments at client locations.

the United States, Mexico, Jamaica, United Kingdom, Netherlands, Poland, Serbia, Romania, Ukraine, Moldova, Armenia, and India.

Grid Dynamics also places its self-managed teams of IT professionals at client premises aimed at successful delivery of innovative projects and programs.

Quality and Process Management

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Grid Dynamics policies, standards and procedures are reviewed annually during both internal and external certification audits.

Grid Dynamics has successfully passed seven ISO 27001:2013 audits, as well as over a dozen exhaustive audits from top financial services customers.

Grid Dynamics has successfully passed nine ISO 27001:2013 audits, as well as over a dozen exhaustive audits from top financial services customers.

Sales and Marketing

3 unchanged sentences

Grid Dynamics also maintains a dedicated sales force as well as a marketing team, which coordinates corporate-level branding efforts that range from sponsorship of programming competitions to participation in and hosting of industry conferences and events.

In addition, Grid Dynamics actively invests in partnerships with hyperscalers and leading technology providers to amplify its sales and marketing efforts, leveraging the advanced capabilities of these entities to enhance visibility and drive sustained business growth.

Grid Dynamics’ client base primarily consists of Fortune 1000 corporations based in North America.

With the acquisition of Daxx in December 2020, Tacit in May 2021 and Mutual Mobile in December 2022, we have gained customers in U.K., North America, as well as Continental Europe and Asia.

With the acquisitions of Tacit in May 2021, Mutual Mobile in December 2022, and NextSphere in April 2023, we have gained customers in the U.K., North America, as well as Continental Europe and Asia.

Grid Dynamics has a high level of revenue concentration with certain clients.

In the years ended December 31, 2022, 2021 and 2020 Grid Dynamics top two customers each accounted for 10% or more of Grid Dynamics revenue.

In the year ended December 31, 2023 one customer accounted for 10% or more of Grid Dynamics revenue compared to two in each of the years ended December 31, 2022 and 2021.

Grid Dynamics typically enters into a master services agreement with its clients, which provides a framework for services that is then supplemented by statements of work, which specify the particulars of each individual engagement.

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Grid Dynamics faces competition primarily from:

• emerging small to mid-cap digital services companies, such as Globant S.A., Endava plc, EPAM Systems, Inc., Slalom Consulting Inc., and Thoughtworks Holding Inc.;

• emerging small to mid-cap digital services companies, such as Globant S.A., Endava plc, EPAM Systems, Inc., and Thoughtworks Holding Inc.;

• large global consulting and outsourcing firms, such as Accenture plc and Capgemini SE;.

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Accordingly, attracting and retaining personnel is a key factor in Grid Dynamics’ ability to grow revenues and meet its clients’ needs.

As of December 31, 2022, Grid Dynamics had 3,798 personnel across 13 countries (the U.S., Mexico, Jamaica, Armenia, India, the Netherlands, U.K., Poland, Romania, Serbia, Switzerland, Moldova, and Ukraine).

As of December 31, 2023, Grid Dynamics had 3,920 personnel across 13 countries (the U.S., Mexico, Jamaica, Armenia, India, the Netherlands, the U.K., Poland, Romania, Serbia, Switzerland, Moldova, and Ukraine).

Recruitment and Retention

Grid Dynamics hires both for technical skills and cultural fit.

The reality of the changing technological landscape demands that our engineering personnel are able to continuously acquire new proficiencies and skills.

The reality of the changing technological landscape demands that our engineering personnel can continuously acquire new proficiencies and skills.

Grid Dynamics’ hiring program is driven by demand within current and projected clients.

Projections of client demand are constantly reviewed to ensure that we maintain a proper recruiting and training pipeline.

The geographical spread helps Grid Dynamics to shorten the time to identify and recruit top technical talent.

Grid Dynamics targets the top of technical talent from top technical universities.

Majority of Grid Dynamics’ engineering personnel have bachelor or advanced degrees in computer science.

The geographical spread helps Grid Dynamics avoid location constraints and shorten the time to identify and recruit top technical talent.

Grid Dynamics targets the top technical talent from top technical universities in all its locations.

The majority of Grid Dynamics’ engineering personnel have bachelor’s or advanced degrees in computer science.

To attract, retain, and motivate IT professionals, Grid Dynamics seeks to provide an environment and culture that rewards entrepreneurial initiative and performance.

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Management Training Programs

Grid Dynamics offers support, training and mentoring programs to managers through the Grid Dynamics Manager Training School.

Various courses in project management and leadership skills help managers build strong teams through positive work environment, group inspiration and individual motivation.

Grid Dynamics offers support, training, and mentoring programs to managers through the Grid Dynamics Management Training Program.

Various courses in project management and leadership skills help managers build strong teams through a positive work environment, group inspiration, and individual motivation.

Grid Dynamics has a long-standing tradition of running internship programs for students and junior engineers.

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These agreements generally provide that any confidential or proprietary information disclosed or otherwise made available by Grid Dynamics must be kept confidential.

Grid Dynamics customarily enters into non-disclosure agreements with its clients with respect to the use of their software systems and platforms.

Grid Dynamics customarily enters into non-disclosure agreements with its clients concerning the use of their software systems and platforms.

Grid Dynamics’ clients usually own the intellectual property in the software or systems Grid Dynamics develops for them.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business