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Maqta Gateway, the digital arm of AD Ports Group, has acquired TTEK, a developer of border control solutions and customs systems, to strengthen its market position as a leading provider of digital trade and holistic single window solutions.
The total purchase consideration for the acquisition of 100% ownership (enterprise value) was $26.7 million with an upfront payment of $17.1 million. The acquisition will expand Maqta Gateway’s existing portfolio of digital trade solutions by integrating border optimization management solutions that leverage disruptive technologies such as artificial intelligence, machine learning and advanced risk analytics.
TTEK’s solutions combine deductive and inductive analytics with predictive modeling to form a powerful machine learning platform for customs, immigration, policing and border agencies. TTEK’s solution uses over 1.5 million risk indicators and AI predictive models to build more reliable border security controls.
Maqta Gateway aims to leverage TTEK’s R&D center in Vietnam and its extensive expertise in customs and border modernization solutions in Africa, the Middle East, Security, tracking features extend this to international and regulatory enforcement.
Captain Mohamed Juma Al Shamisi, Managing Director and Group Chief Executive Officer, AD Ports Group, said: “The acquisition of TTEK Inc. will bring near-term and ongoing synergies to AD Ports Group, including fast time to market and significant sectoral expertise. Through this The comprehensive and customized single window solution provided by this acquisition is in high demand in international markets including Central Asia.
TTEK’s existing trade expertise in the Middle East supports the group’s ambition to expand its digital trade solutions in the region. Near-term plans include international markets that are of strategic importance to the group. We are proud to align with the goals of economic diversification of the UAE’s wise leadership. The acquisition of TTEK reinforces the Group’s commitment to support the leadership’s vision and places Abu Dhabi at the forefront of global trade. “
Commenting on the acquisition of TTEK, Dr. Noura Al Dhaheri, CEO of Digital Cluster and CEO of AD Ports Group Maqta Gateway said: International market. Integrating TTEK’s cutting-edge predictive technology-based solutions into our Single Window Solutions will improve border security, trade facilitation, customs revenue management, etc., thereby strengthening the Group’s value proposition as a Single Window Solution Provider.
“Maqta Gateway will continue to pursue opportunities that contribute to the Group’s overall integrated digital trade strategy.”
Scott Murray, CEO of TTEK, said: “TTEK bridges the strategic, tactical and operational perspectives for customs modernization and trade facilitation. We are confident in supporting Maqta Gateway in strengthening its position as a global integrated digital trade services provider.”
The transaction is subject to fulfillment of conditions precedent within the next 45 days. – trade arab news agency
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