Maqta Gateway, the digital arm of AD Ports Group, announced the purchase of TTEK Inc., a developer of border control solutions and customs systems, to strengthen its market position as a digital trade and comprehensive Single Window solution provider.
The cost for the acquisition of a 100% stake in TTEK is US$26.7 million, including an upfront payment of US$17.1 million.
The purchase is expected to broaden Maqta Gateway's existing digital trade solutions offering by adding border optimisation management solutions that leverage innovative technologies like artificial intelligence, machine learning, and sophisticated risk analytics.
"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,” stated Mohamed Juma Al Shamisi, managing director and Group CEO at AD Ports Group.
Maqta Gateway intends to use TTEK's R&D hub in Vietnam, as well as its extensive expertise in customs and border modernisation solutions across Africa, the Middle East, North America, and Australia, to strengthen and expand its service offering on the unified Single Window solution internationally, with enhanced security, tracking, and regulatory enforcement.
