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• Digital Product Engineering: Designs, builds, and launches innovative software products and platforms, from concept to launch, for businesses undergoing digital transformation.
• Cloud Modernization: Facilitates the migration of legacy systems to cloud environments and optimizes cloud infrastructure for scalability and efficiency.
• Data & Analytics Engineering: Develops data platforms, implements advanced analytics, and creates data-driven solutions to extract insights and improve decision-making.
• Artificial Intelligence (AI) & Machine Learning (ML) Solutions: Builds and deploys custom AI/ML applications and models to automate processes, enhance user experiences, and create new business capabilities.

Grid Dynamics (symbol: GDYN) sells primarily to other companies (B2B).

While Grid Dynamics serves a diverse portfolio of clients, the company does not publicly disclose the names of its individual major customers. Its annual reports (e.g., 10-K filings) state that no single client accounted for more than 10% of its total revenues in recent fiscal years, indicating a distributed customer base.

However, Grid Dynamics publicly identifies its client base as consisting of "Fortune 1000 and other large enterprises" across various industries. The major categories of companies it serves include:

• Financial Services companies
• Retail companies
• Technology companies
• Media and Entertainment companies
• Manufacturing companies

Leonard Livschitz, Chief Executive Officer and Director

Leonard Livschitz has served as the Chief Executive Officer of Grid Dynamics since 2014 and as a member of its Board of Directors since 2006. He co-founded Luxera, an LED smart system company, and was its President and CEO from 2010 to 2014. His career in the high-tech industry spans over 30 years, including executive and management roles at Ledengin, Philips Lumileds Lighting, Visteon Lighting, and Ford Motor Company.

Anil Doradla, Chief Financial Officer

Anil Doradla joined Grid Dynamics as Chief Financial Officer in November 2019. Before joining Grid Dynamics, Mr. Doradla served as Chief Financial Officer of Airgain, Inc. (NASDAQ: AIRG) from February 2018 until November 2019. Prior to Airgain, he worked on Wall Street as an equity research analyst at William Blair, where he covered a broad range of the technology sector.

Victoria Livschitz, Founder and CTO

Victoria Livschitz co-founded Grid Dynamics in August 2006 and held the role of CEO until June 2013. She later returned to Grid Dynamics in August 2015 as Chairman and CTO, serving as CTO from April 2017 to August 2021. A retired tech entrepreneur, she also founded Tonomi and RightOnTrek, a company providing resources for hiking. Before founding Grid Dynamics, she worked as a software engineer and architect at Ford and as a principal architect at Sun Microsystems. Her tech startup, Grid Dynamics, went public in 2020.

Yury Gryzlov, Chief Operating Officer and Head of Europe

Yury Gryzlov joined Grid Dynamics in 2007 as the company's first QA Manager and has taken on increasing responsibilities, leading to his current role as Chief Operating Officer. In this position, he is responsible for all facets of the company’s operations, including budgeting, legal, HR, IT, office management, pricing, and recruiting. Previously, he served as VP of Operations in Europe and was Deputy Director of the Saratov Engineering center. He holds a Master of Science degree in Biophysics from Saratov State University, Russia.

Rahul Bindlish, Senior Vice President & Global Head of Partnerships and Marketing

Rahul Bindlish brings over 30 years of experience in IT services and consulting, specializing in assisting Tier-1 enterprises with their AI and digital initiatives to improve business performance. Mr. Bindlish started at Grid Dynamics in May 2014.

The key risks to Grid Dynamics' business are:

1. Client Concentration and Dependence on Key Customers: Grid Dynamics has a high level of revenue concentration with certain clients, making it vulnerable to market fluctuations and economic downturns if these key customers reduce spending or are lost. In some instances, a small number of customers have accounted for 10% or more of the company's revenue.
2. Intense Competition, Cost Pressures, and Margin Compression: The company operates in a highly competitive IT services market, facing rivals from both global and Central and Eastern European (CEE) providers. This competition contributes to significant cost pressures and shrinking profit margins, which could impede future earnings growth and long-term profitability. Analysts anticipate further margin compression due to rising global labor costs and competitive headwinds.
3. Economic Downturns and Geopolitical/Regulatory Risks: Economic slowdowns, particularly in the U.S. and Europe, could lead existing and prospective clients to reduce or postpone their technology spending, thereby lowering demand for Grid Dynamics' services. Additionally, regulatory changes, such as data privacy regulations like GDPR, and geopolitical instability can disrupt the company's ability to operate in specific markets and impact revenue growth.

The rapid emergence and advancement of Generative AI (GenAI) technologies pose a clear emerging threat to companies operating in the digital transformation and IT services sector, including Grid Dynamics.

GenAI has the potential to fundamentally disrupt the traditional IT services and software development model in several ways:

1. Automation of Core Services: Advanced GenAI tools are increasingly capable of automating significant portions of software development (coding, testing, debugging), data engineering, cloud architecture design, and even strategic consulting tasks. This could directly reduce the demand for human effort in these areas, impacting the project scope and revenue streams for companies like Grid Dynamics that provide these human-intensive services.
2. Client Empowerment and Insourcing: As GenAI tools become more sophisticated and accessible, clients may find it easier and more cost-effective to automate their digital transformation initiatives, develop applications, or manage their data and cloud infrastructure with fewer external consultants. This could lead to an increase in internal development capabilities and reduced reliance on third-party service providers.
3. Commoditization of Expertise: If GenAI democratizes advanced technical capabilities, the unique human expertise offered by IT service firms could become commoditized. This could lead to significant pricing pressures and a shift from traditional billing for human effort to more specialized, potentially lower-margin, services focused on AI integration, prompt engineering, or managing AI-driven workflows.

This threat is analogous to how the iPhone disrupted BlackBerry by introducing a fundamentally new and superior user experience and capability set, or how Netflix disrupted Blockbuster by offering a more efficient, accessible, and ultimately preferred method of content delivery that sidelined the traditional model.

The addressable markets for Grid Dynamics' main products and services are substantial and growing globally. Grid Dynamics (GDYN) provides technology consulting, platform and product engineering, and advanced analytics services, encompassing areas such as digital transformation, cloud and platform engineering, artificial intelligence/machine learning, and data and analytics services.

• Digital Transformation Services: The global digital transformation market was valued at USD 809.12 billion in 2024 and is projected to reach USD 3,571.67 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 16.01% from 2025-2033. North America held over 44.2% of this market in 2024.
• Cloud Migration Services: The global cloud migration market size is estimated at USD 0.30 trillion (USD 300 billion) in 2025 and is projected to reach USD 1.03 trillion by 2030, expanding at a 28.24% CAGR. North America captured a 37.8% share of this market in 2024.
• Artificial Intelligence (AI) Services: The global AI market size was valued at USD 391.70 billion in 2024 and is predicted to increase to approximately USD 10,173.05 billion by 2034, expanding at a CAGR of 38.50% from 2025 to 2034. North America held a dominant market position, capturing a 34.6% market share in 2024.
• Data & Analytics Services: The global big data analytics market was valued at USD 0.3 trillion (USD 300 billion) in 2023 and is projected to reach USD 1.1 trillion by 2032, growing at a CAGR of 14.5% from 2024 to 2032.

Grid Dynamics (GDYN) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of AI and Data Services: The company has consistently highlighted artificial intelligence (AI) and data initiatives as its fastest-growing practice and a significant contributor to organic revenue. AI services accounted for over 25% of organic revenue in Q3 2025, demonstrating strong sequential growth. This focus includes expertise in generative AI, machine learning, deep learning, cloud, and analytics.
2. Growth in Client Base and Multi-Quarter Engagements: Grid Dynamics is focused on securing new large enterprise clients and expanding within its existing customer base through a "land and expand" strategy. In Q3 2025, the company reported its strongest pipeline of new large enterprise logos, leading to multi-quarter engagements extending into 2026. This indicates a sustained demand environment and increasing customer confidence.
3. Vertical Diversification, Particularly in Finance: The company is actively diversifying its revenue across various industry verticals. The Finance sector has shown particularly strong performance, doubling revenues year-over-year for four consecutive quarters and becoming the second-largest vertical. This growth is attributed to sustained demand from fintech and insurance customers, often bolstered by strategic acquisitions.
4. Strategic Mergers & Acquisitions: Grid Dynamics utilizes strategic acquisitions to enhance its capabilities, expand its customer base, and enter new markets. Recent acquisitions have significantly contributed to revenue growth, particularly in the financial services sector by adding global banking customers and specialized expertise.
5. Expansion of Global Footprint and Billable Headcount: To support its growing demand and project pipeline, Grid Dynamics is continuously expanding its global delivery capabilities and increasing its billable engineering headcount. The company's headcount grew by 15.7% year-over-year in Q3 2025, with a notable increase in billable engineers, positioning it to serve an expanding client base.