Hong Kong's ASL buys Grid Dynamics for US$118m

(From left) ASL CEO Leon Wang, ASL executive director Wang Weihang, Grid DynamicHong Kong IT services provider Automated Systems Holdings Limited (ASL) has acquired US-based Grid Dynamics for US$118 million, expanding its reach beyond Asia-Pacific for the first time.

The combined company will be a global IT service provider with over 2,000 employees and annual revenue of around HK$2 billion.

Grid Dynamics provides open source e-commerce technology solutions in the areas of omni-channel e-commerce, cloud enablement, big data analytics and continuous delivery.

The company focuses on enterprise customers in the retail, finance, media and technology sectors.

ASL CEO Leon Wang said the acquisition is a reaction to the global trend of companies pursuing digital transformation to help cut costs, streamline operational processes and improve business agility.

He said the acquisition will quickly establish ASL as a digital business enabler and allow the company to capture market opportunities in the big data sphere, as well as cross-selling opportunities in the retail and financial services sector.

ASL will also be able to extend its managed services business into total IT outsourcing and capture new e-commerce opportunities in mainland China.

“With the rapid rise of digital transformation technologies, acquiring Grid Dynamics enables ASL to embrace a new opportunity for further development,” he said.

“This acquisition not only demonstrates ASL’s commitment to change and innovation in technology, but also marks ASL’s enhanced capability in providing professional and high value-added services to customers, thereby grasping the tremendous business opportunity bought by digital transformation.”