Asian Spectator

Asian Technology

Grid Dynamics, The U.S. And Europe Business of ASL Successfully Listed on Nasdaq

  • Written by Automated Systems Holdings Limited

HONG KONG, CHINA - Media OutReach[1] - 9 March 2020 - Automated Systems Holdings Limited("ASL" or "the Group") (HKEX stock code: 771), a trustworthy and professional global Information Technology ("IT") partner, is pleased to announce that Grid Dynamics Holdings, Inc. ("Grid Dynamics"), the Group's U.S. and Europe business, has been successfully listed on NASDAQ (NASDAQ: GDYN) on 6th March (Eastern Time). Upon the completion, Grid Dynamics' stock closed at US$12.0 on its first day of trading, with the market value amounting to US$610.0 million (approximately HK$4.78 billion), up 17.0% above its issue price. It makes for a grandiose ending to the year-long-preparation leading to Grid Dynamics' listing.

Grid Dynamics, The U.S. And Europe Business of ASL Successfully Listed on Nasdaq

 

Grid Dynamics will become an associate of the Group after listing, with ASL as its single largest shareholder, holding 38.3% of its shares.  Mr. Wang Weihang, Chairman of the Board of Directors of ASL, and Mr. Leon Wang, Executive Director and Chief Executive Officer of ASL, will both be appointed as members of the new Grid Dynamics' Board of Directors.

           

Mr. Leon Wang said on the listing day, "The successful listing of Grid Dynamics is a full reflection of its value. Post-investment management has always been the focus and challenge of the investment field and collaborative management operations. In the three years, from the company's acquisition of Grid Dynamics in 2017, to its listing today, the company has implemented a new share option incentive scheme, introduced a new strategic investor from the Silicon Valley, and invested US$7.0 million to continuously promote the technological transformation of Grid Dynamics. Thanks to the unremitting efforts of Grid Dynamics' management team, the Group's over 3,000 employees have gathered today to celebrate this memorable day."

 

The Group has achieved considerable investment returns through the listing of Grid Dynamics. Its pre-investment valuation has increased by more than three times as compared to 2017, and it has obtained a cash and stock return of approximately US$200.0 million. This will greatly improve the Group's asset-liability structure, and acquire sufficient cash to support the development of major operating businesses, thereby coping with the current macroeconomic downward pressure, and further promoting and refining the business layout and development in the Asia-Pacific region.

 

Mr. Wang Weihang congratulated the management and all employees and said, "The spin-off and listing of Grid Dynamics is a great leap forward, ASL will enter into a new era with the implementation of the Group's regional development strategy in Asia-Pacific, Europe and the United States. The Group has not only procured a delivery network and the corresponding capability covering Europe and the United States, especially for the countries along the 'Belt and Road Initiative', but has also established a high-end scientific and technological talent pool to match the digital transformation needs of several thousand global customers."

 

As the single largest shareholder of Grid Dynamics, the Group will continue to work hand in hand with Grid Dynamics, to carry out in-depth collaborations in three aspects, namely, technical capability enhancements, complementary delivery capabilities, and customer resources sharing.

                                                         

The listing opens up an exciting new chapter for Grid Dynamics, for it is bound to compete with many of the world's top technology companies and to achieve remarkable results.

 

Mr. Leon Wang concluded, "Looking forward, ASL will unify software application, cybersecurity, and omni-channel managed services to enhance technical service capacity, in the form of an "as-a-Service" business model. The Group will combine its rich practical experience in the industry, to help customers attain the integration of technology and application, and to assist customers in business transformation through technological innovation, in the fields of cloud computing, big data and more. At the same time, please stay tuned to the Group's annual solution tour, which will showcase a series of brand-new ASL branded services."

 

For details of the transaction, please refer to the announcement issued by ASL on 8th March 2020.

References

  1. ^ Media OutReach (www.media-outreach.com)

Authors: Automated Systems Holdings Limited

Read more http://www.media-outreach.com/release.php/View/29687#Contact

A Reason To Celebrate Local Cuisines: Join Us For World Food T...

LONDON, April 9, 2020 /PRNewswire-AsiaNet/ -- Today the World Food Travel Association (WFTA) invited food-loving travelers, as well as the world's travel and hospitality industries, to join ...

Leadership Transition at IFCO Group

MUNICH , April 8, 2020 /PRNewswire-AsiaNet/ -- The Advisory Committee of IFCO Group announced today that as part of a long-planned succession process, Wolfgang Orgeldinger will retire as CEO...

Spikes Asia 2020 Cancelled

SINGAPORE, Apr 8, 2020 - (ACN Newswire) - Spikes Asia today announces that the Festival will no longer take place in October 2020 as planned. The Festival of Creativity, Spikes Awards and T...

Mazda Earns Six IIHS Top Safety Pick+ Awards, the Most Among Automakers Tested for 2020

HIROSHIMA, Japan, Apr 8, 2020 - (JCN Newswire) - Mazda Motor Corporation has announced that six Mazda U.S.-specification models tested by the U.S. Insurance Institute for Highway Safety (II...

Digital Diagnostics AG: New 5 Minute Coronavirus Test Delivers Clear Results on Infection

Mainz, Germany, Apr 8, 2020 - (ACN Newswire) - A new type of sensor device from the German health technology company Digital Diagnostics AG can be used for immediate tests for the new SARS ...

Mindray Chairman's Statement on Efforts to Combat COVID-19

SHENZHEN, China, April 8, 2020 /PRNewswire-AsiaNet/ -- Mindray (SZSE: 300760) -- As COVID-19 is casting a dark shadow over people's health, healthcare providers around the world are fighting...

DHL Express ranked as Best Workplace in Asia by Great Place to Work® for second year

World leader in express logistics takes top spot in "Multinational" category for the fourth time since 2016DHL Express has received 53 different awards for its workplace culture in 2019 -...

Novotech Data Shows Majority of Australian Sites are Open for Clinical Trial Activity

SYDNEY, Apr 8, 2020 - (ACN Newswire) - Asia-Pacific's largest specialist biotech CRO Novotech said the top 10 biotech sites in Australia were open for clinical trial activity with many site...

Xinhua Silk Road: Central China city launches online live stre...

BEIJING, April 8, 2020 /PRNewswire-AsiaNet/ -- The 38th Luoyang Peony Cultural Festival opened on Monday in Luoyang, central China's Henan province. Due to the novel coronavirus epidemic(htt...

New Quarter-Turn Fastener from Southco Designed for Use in Tight Spaces

HONG KONG, CHINA - Media OutReach - 8 April 2020 - Southco Asia Ltd., a subsidiary of Southco Inc., a leading global provider of engineered access solutions such as lo...

New Quarter-Turn Fastener from Southco Designed for Use in Tight Spaces

HONG KONG, CHINA - Media OutReach - 8 April 2020 - Southco Asia Ltd., a subsidiary of Southco Inc., a leading global provider of engineered access solutions such as lo...

KT and Far EasTone Sign MOU for 5G Services

SEOUL, South Korea, April 8, 2020 /PRNewswire-AsiaNet/ -- - Taiwan Telecom Provider and KT to Collaborate on 5G and Digital Contents- Two Global Partners Sign First Contract via KT's Remote ...

HOYA/PENTAX Medical Issues Statement Regarding U.S. Department...

MONTVALE, N.J. and TOKYO, April 8, 2020 /PRNewswire-AsiaNet/ -- HOYA Corporation and a subsidiary through PENTAX Medical division, Pentax of America, Inc. (collectively, "PENTAX" or "the Com...

Rapid Medical Announces Ahead of Schedule Completion of Patien...

YOKNEAM, Israel, April 08 /PRNewswire-AsiaNet/ -- Rapid Medical [https://www.rapid-medical.com/], a company focused on the development of next generation neurovascular interventional devices...

EpiVax Partners with GAIA Vaccine Foundation to Make COVID-19 ...

PROVIDENCE, Rhode Island, April 8, 2020 /PRNewswire-AsiaNet/ -- EpiVax, Inc., is using advanced computational tools to accelerate a COVID-19 vaccine candidate (EPV-CoV19) for healthcare work...

Cambridge Quantum Computing Performs the World's First Quantum...

CAMBRIDGE, England, April 7, 2020 /PRNewswire-AsiaNet/ -- Cambridge Quantum Computing ("CQC") announces that they have used the "natively quantum" structure of natural language to open up an...

Bityard Has Now Officially Launched, Register now and earn 258 USDT for Free

SINGAPORE - Media OutReach - 7 April 2020 - Bityard, the world's leading digital contract trading platform, has officially launched. According to industry authoritative sources...

Merck Awarded Second U.S. Patent for CRISPR Gene-Editing Techn...

DARMSTADT, Germany, Apr. 7, 2020 /PRNewswire-AsiaNet/-- -- CRISPR-chrom technology improves access to genome for more efficientediting -- Only U.S. patent holder in the CRISPR chromatin spac...

Quantron AG Becomes Importer of CATL in Europe

AUGSBURG, Germany, April 7, 2020 /PRNewswire-AsiaNet/ -- - Lithium batteries from the manufacturer CATL can be purchased from Quantron throughout Europe - a positive impulse for electromobil...



News Company Media Core

Content & Technology Connecting Global Audiences

More Information - Less Opinion