Maqta Gateway, AD Ports Group’s digital arm, has announced the acquisition of TTEK Inc, a developer of border control solutions and customs systems, in order to reinforce its market position as a leading digital trade and holistic Single Window solution provider.
The total purchase consideration for the acquisition of 100 percent ownership amounts to $26.7 million with an upfront payment of $17.1 million.
According to the statement, the acquisition will extend Maqta Gateway’s existing digital trade solutions portfolio by incorporating border optimization management solutions and utilizing disruptive technologies such as artificial intelligence, machine learning, and advanced risk analytics.
Maqta Gateway aims to leverage TTEK’s R&D hub in Vietnam and its extensive expertise in customs and border modernization solutions across Africa, the Middle East, North America, and Australia to strengthen its service offering on the unified Single Window solution and expand it internationally with enhanced security, tracking, and regulatory enforcement.
“The acquisition of TTEK Inc. will bring near-term and sustained synergistic benefits to AD Ports Group, including fast time-to-market delivery and significant sector expertise. The comprehensive custom Single Window solution provided through this acquisition has high demand in international markets, including Central Asia. TTEK’s existing trade expertise in the Middle East supports the Group’s ambition to widen its digital trade solutions within the region. The near-term pipeline includes international markets that are strategically important to the Group. The acquisition of TTEK reinforces the Group’s commitment to supporting the leadership’s vision and positions Abu Dhabi at the frontier of global trade.”
Commenting on the acquisition of TTEK, Dr. Noura Al Dhaheri, CEO of Digital Cluster and CEO of Maqta Gateway, AD Ports Group, said that, “TTEK demonstrated compelling proficiency and extensive market know-how in developing and implementing customs and border optimization solutions across several international markets.”
The company said in a statement that the transaction is subject to the completion of condition precedents within the next 45 days.
“TTEK bridges strategic, tactical, and operational perspectives for customs modernization and trade facilitation. We are confident in supporting Maqta Gateway to reinforce its position as a globally integrated digital trade services player,” Mr. Scott Murray, Chief Executive Officer of TTEK noted.