Ms. Livschitz entered into agreement to acquire 2.85% stake in Grid Dynamics International, Inc. from Automated Systems Holdings Limited for $2.1 million.

Ms. Victoria Livschitz entered into agreement to acquire 2.85% stake in Grid Dynamics International, Inc. from Automated Systems Holdings Limited (SEHK:771) for $2.1 million on January 25, 2019. Under the terms of agreement, Ms. Livschitz is acquiring 0.34 million GDI shares representing 2.85% stake in GDI. Upon closing of the Disposal, GDI will be an indirect 97.15%-owned subsidiary of Automated Systems. As of January 25, 2019, GDI had net profit before tax of $12.9 million for the year ending December 31, 2017.

The transaction is expected to close or before the tenth (10th) day following the date of the stock transfer agreement. Automated Systems intends to utilize all the net proceeds from the disposal for general working capital purpose.