March 5, 2020 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as financial advisor to Grid Dynamics Holdings, Inc. (“Grid Dynamics”), a leader in enterprise-level digital transformation, in the merge of its business with ChaSerg Technology Acquisition Corp. (Nasdaq: CTAC) (“ChaSerg”), a special purpose acquisition company. The business combination was approved at a special meeting of stockholders of ChaSerg on March 4, 2020 and closed on March 5, 2020. Upon completion of the business combination, Grid Dynamics Holdings, Inc. common stock and warrants are expected to begin trading on the Nasdaq Stock Market under the ticker symbol “GDYN” and “GDYNW,” respectively, commencing March 6, 2020. At the time of closing, Grid Dynamics had a market capitalization of approximately $660 million.
Grid Dynamics’ management team, led by Leonard Livschitz, Chief Executive Officer, and Anil Doradla, Chief Financial Officer, will continue to lead the combined company. Lloyd Carney, Chief Executive Officer of ChaSerg will serve as Chairman of the combined company’s board of directors.
Mr. Leonard Livschitz stated, “This is a tremendous milestone for Grid Dynamics and a testament to the hard work and dedication of our global team. We would especially like to thank ChaSerg for their partnership and many contributions to our success. We are excited to move forward together with our new board of directors and investors as we continue to execute on Grid Dynamics’ growth plan as a public company. With Grid Dynamics’ strong foundation in digital transformation and vision for growth, we see significant opportunities for long-term value creation.”
Mr. Lloyd Carney stated, “We are thrilled to complete the business combination with Grid Dynamics and excited to work with Leonard and the entire Grid Dynamics team, as they continue to build on their success as a public company.”
Cantor Fitzgerald and William Blair acted as capital markets advisors to ChaSerg. Latham & Watkins LLP and Ellenoff Grossman and Schole LLP served as legal counsels to ChaSerg. Covington Associates LLC acted as financial advisor to Grid Dynamics. Wilson Sonsini Goodrich & Rosati, P.C. acted as legal counsel to Grid Dynamics.
About Covington Associates
Covington Associates is a leading middle market investment banking firm offering advisory services in the areas of M&A, capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Covington’s mission has remained unchanged since its founding in 1991 – provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization. Since its inception, Covington Associates has completed more than 300 transactions globally for both private and publicly traded companies totaling over $17 billion. Further information about Covington Associates can be found at http://www.covingtonassociates.com/overview.
About Grid Dynamics
Grid Dynamics is a leader in driving enterprise-level digital transformation services for Fortune 1000 corporations. They work in close collaboration with clients on digital transformation initiatives that span strategy consulting, early prototypes and enterprise-scale delivery of new digital platforms. They help organizations become more agile and create innovative digital products and experiences using deep expertise in emerging technology, top global engineering talent, lean software development practices, and a high-performance product culture. Their secret sauce is in applying emerging technologies such as artificial intelligence, data science, cloud computing, Big Data and DevOps to enable digital transformation across the enterprise. Headquartered in the San Francisco Bay Area with over a thousand technologists located in engineering delivery centers throughout the US, Central and Eastern Europe, Grid Dynamics is known for architecting and delivering some of the largest digital transformation programs in the retail, technology and financial sectors to help its clients win market share, shorten time to market and reduce costs of digital operations on a massive scale. To learn more about Grid Dynamics, visit www.griddynamics.com.
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