ABU DHABI, UAE – Maqta Gateway, AD Ports Group’s digital arm, Monday announced the acquisition of TTEK Inc, a developer of border control solutions and customs systems.
The total purchase consideration for the acquisition (Enterprise Value) of 100 percent ownership amounts to US$26.7 million with an upfront payment of US$17.1 million.
This move will reinforce Maqta Gateway’s market position as a leading digital trade and holistic single window solution provider.
The acquisition will extend Maqta Gateway’s existing digital trade solutions portfolio by incorporating border optimization management solutions, utilizing disruptive technologies such as artificial intelligence, machine learning and advanced risk analytics.
TTEK’s solutions merge deductive and inductive analytics with predictive modeling to form a powerful machine-learning platform for customs, immigration, policing and border agencies.
TTEK’s solutions use over 1.5 million risk indicators and AI predictive modeling to establish more reliable border security controls.
Maqta Gateway aims to leverage TTEK’s R&D hub in Vietnam and its extensive expertise in customs and border modernization solutions across Africa, Middle East, North America and Australia to strengthen its service offering on the unified single window solution.
Maqta Gateway plans to expand unified single window solution internationally with enhanced security, tracking and regulatory enforcement.
Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said, “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.”
He said, “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.”
He added, “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.”
Dr. Noura Al Dhaheri, CEO of Digital Cluster and CEO of Maqta Gateway, AD Ports Group, said, “TTEK demonstrated compelling proficiency and extensive market know-how in developing and implementing customs and border optimization solutions across several international markets.”
She said, “Incorporating TTEK’s cutting-edge predictive-technology-based solutions into our single window solution will improve border security, trade facilitation, customs revenue management and more.”
She added, “It will strengthen the Group’s value proposition as a Single Window solution provider.”
Scott Murray, Chief Executive Officer of TTEK Inc, expressed confidence in the acquisition, saying, “TTEK bridges strategic, tactical, and operational perspectives for customs modernization and trade facilitation.”
He said, “We are confident in supporting Maqta Gateway to reinforce its position as a globally integrated digital trade services player.”
The transaction is subject to the completion of condition precedents within the next 45 days.