And the goal is to enhance the efficiency of sales reporting processes. Partnerships: Partnerships continue to be a vital part of our growth and have become increasingly important in our long-term plan towards becoming a billion-dollar company. We currently have over a dozen partners with whom we work. Of these, only half of them contribute revenue meaningfully on an individual basis. This also means that there is a significant scope to scale as we tap into this large opportunity in the partnership ecosystem. We have extended our partnership with the hyperscalers to their AI and Gen AI offering, and we’re actively developing solutions and accelerators on Bard & Vertex AI from Google, Azure Open AI from Microsoft, Amazon Bedrock from AWS. Additionally, we continue to invest in growing independent software vendor partnerships in supply chain, digital experience, marketing and commerce domains.
This effort aims to enhance the value we provide to executives in the C-suite, including COOs, CMOs and Chief Product Officers. In the third quarter, our 10 new enterprise logos, three came from our partnership relationships. In additional last quarter, we announced a significant global partnership with Google Cloud to develop and implement innovative Generative AI solutions. We have been diligently working on leveraging Google Cloud’s Vertex AI, a platform that incorporates powerful foundation, large language models and advanced image generation capabilities. Building on that, this quarter, we were invited to participate in Google’s Next Leadership Forum, where we expanded our business relationships. During the quarter, Grid Dynamics delivered some notable projects.
In Manufacturing: For one of the world’s largest tire manufacturer, we piloted an AI-based platform for tire recognition, health evaluation and predictable maintenance. The platform is based on deep learning and was delivered as a cloud-based solution to the dealers. The goal of the solution is to significantly increase the productivity of their service centers, simplify predictive maintenance and enable seamless integration with downstream applications. For one of the world’s largest technology company, we successfully designed and implemented a cutting-edge intelligent tool for measuring and allocating computing infrastructure that combines on-premises data centers with public cloud. Our solution measures resource utilization across the department, associated costs and produce 360-degree view on spending.
This framework empowers our client with substantial savings in their cloud and on-premise infrastructure spending. At a leading European-based footwear manufacturer, Grid Dynamics was selected as the primary technology partner for their high profile of composable commerce re-platforming program. By seamlessly integrating best-of-breed cloud-native products, we leveraged AWS platform to architect a cutting-edge solution in both scalability flexibility and future-proof capabilities. Our solution will enable the client in addressing creating key capabilities that will drive customer acquisition and retention branding as well as process efficiency optimization. At one of the largest beverage distribution company in the North America Grid Dynamics build a framework for a new enterprise cloud platform.
This significant program will be the basis for the company’s multiyear digital transformation strategy. The program intends to enhance user experience across multiple sales channels, ensure dynamic scalability and technology-readiness for building custom applications to enable new business capabilities. With that, let me turn the call over to Anil, who will discuss Q3 results in more detail. Anil?
Anil Doradla: Thanks, Leonard. Good afternoon, everyone. Our third quarter revenue of $77.4 million was within our guidance range of $76 million to $78 million and exceeded Wall Street expectations. On a sequential basis, our revenue grew modestly and was down 4.6% on a year-over-year basis. Relative to last quarter, we saw greater stabilization across the majority of our accounts. During the third quarter, retail, our largest vertical, representing 34.3% of revenues, increased by 2% on a sequential basis and grew 5.1% on a year-over-year basis. Within retail vertical, on a sequential basis, we witnessed growth from areas such as home-improvement, department stores and specialty retail. TMT, our second largest vertical represented 30.7% of our third quarter revenues, decreased by 1.5% on a sequential basis and 9.9% on a year-over-year basis.
