Grid Dynamics Holdings, Inc. completed the acquisition of Tacit Knowledge Ltd from Pitney Bowes Inc. for $40 million.
May 28, 2021
Share
Grid Dynamics Holdings, Inc. (NasdaqCM:GDYN) entered in an agreement to acquire Tacit Knowledge Ltd from Pitney Bowes Inc. (NYSE:PBI) on May 21, 2021. The transaction was financed using available cash reserves. As a part of the acquisition, the entire team of Tacit Knowledge Ltd , including senior management, will join Grid Dynamics Holdings. The transaction is expected to close in the second quarter of 2021.
Grid Dynamics Holdings, Inc. (NasdaqCM:GDYN) completed the acquisition of Tacit Knowledge Ltd from Pitney Bowes Inc. (NYSE:PBI) for $40 million on May 29, 2021. The consideration is $37 million and included cash consideration of $33.6 million paid at closing and fair value of the contingent consideration at the date of the acquisition of $3.4 million. The maximum amount of potential contingent cash consideration is $5.0 million. The contingent consideration is payable based on revenue and EBITDA metrics to be achieved by Tacit within 12 months. Under the terms of agreement, consideration is along with net of cash acquired of $2.9 million.
Grid Dynamics Holdings, Inc. is a provider of technology consulting, platform and product engineering, and advanced analytics services. The Companyâs cloud platform and product engineering practice provides services that enable businesses to harness the power of cloud computing and modern application development methodologies. It is specializes in architecting, designing, and building scalable, secure, and resilient cloud-based platforms and business applications that power digital transformation and business. The Companyâs digital engagement practice focuses on creating meaningful interactions between businesses and their customers through all digital channels. It delivers tailored solutions in several key industry verticals: Tech, Media, and Telecom(TMT), Retail, Consumer Packaged Goods (CPG)/Manufacturing, and Finance. The Companyâs service delivery model involves using an efficient mix of on-site, off-site and offshore staffing.
GRID DYNAMICS HOLDINGS, INC. 
