Benzinga | Jun 1, 2021 09:21AM EDT

Grid Dynamics Late Saturday Said Acquires UK-Based Tacit Knowledge; Terms Not Disclosed

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) ("Grid Dynamics"), a leader in enterprise-level digital transformation, today announced it has acquired Tacit Knowledge, a Pitney Bowes (NYSE:PBI) owned company, and leading provider of end-to-end digital commerce solutions for global brands.

Founded in 2002, Tacit Knowledge is a global provider of digital commerce solutions, serving customers across the UK, North America, Continental Europe, and Asia. The company serves leading global brands across technology, CPG, financial, and retail markets with Visa, LVMH, and Shimano being among its top clients. As a part of the acquisition, the entire team of more than 180 employees across the UK, Mexico, Moldova, and the United States, including senior management, will join Grid Dynamics. The acquisition was financed using Grid Dynamics' available cash reserves.

"We are pleased to welcome Tacit Knowledge to the Grid Dynamics family. Tacit Knowledge has consistently demonstrated values that are well aligned with those of Grid Dynamics. They excel at consulting for top global brands, differentiate through a focus on digital transformation, and consistently deliver the highest level of quality. Tacit Knowledge's locations are highly complementary to those of Grid Dynamics, enabling us to expand our capabilities and service more customers from nearshore locations." Leonard Livschitz, CEO, Grid Dynamics.

"We believe that Grid Dynamics is a terrific partner for Tacit Knowledge. They have the scale and reputation to deal with the Fortune 500 and even more importantly, Grid Dynamics has a comprehensive understanding of the digital commerce space. We are excited to become a part of the larger family and look forward to this new stage of growth." James Bullock, GM, Tacit Knowledge.

About Tacit Knowledge

Tacit Knowledge is a global consultancy focused on digital commerce. Tacit have worked at the nexus of commerce and content since 2002, applying Silicon Valley innovation and know-how to global retailers and brands. For more information visit www.tacitknowledge.com.