Maqta Gateway said its investment in TTEK Inc. was its first strategic investment in digital trade solutions and would strengthen the group by giving Abu Dhabi a competitive advantage over its port rivals.
“TTEK’s solutions merge deductive and inductive analytics with predictive modelling to form a powerful machine learning platform for customs, immigration, policing and border agencies. TTEK’s solutions use more than 1.5 million risk indicators and AI predictive modelling to establish more reliable border security controls,” AD Ports Group said.
AD Ports Group paid $26.7m, with an up-front payment of $17.1m, for a 100% stake in the target concern. The acquisition will extend Maqta Gateway’s existing digital trade solutions portfolio by incorporating border optimisation management solutions, which utilise disruptive technologies such as artificial intelligence, machine learning and advanced risk analytics.
Maqta Gateway aims to utilise TTEK’s research and development hub in Vietnam and its expertise in customs and border modernisation solutions across Africa, Middle East, North America and Australia to strengthen its service offering and develop 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,” Capt. Mohamed Al Shamisi, Managing Director and Group CEO, AD Ports Group, said.
“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 support the leadership’s vision and positions Abu Dhabi at the frontier of global trade.”
The group said the transaction was subject to completion of condition precedents in the next 45 days.
“TTEK demonstrated compelling proficiency and extensive market know-how in developing and implementing customs and border optimisation solutions across several international markets,” said Dr Noura Al Dhaheri, CEO of Digital Cluster and CEO of Maqta Gateway, AD Ports Group.
“Incorporating TTEK’s predictive-technology-based solutions into our single window solution will improve border security, trade facilitation, customs revenue management and more, thereby strengthening the Group’s value proposition. Maqta Gateway will continue to pursue opportunities that contribute to the Group’s overall integrated digital trade strategy.”
“TTEK bridges strategic, tactical, and operational perspectives for customs modernisation and trade facilitation. We are confident in supporting Maqta Gateway to reinforce their position as a globally integrated digital trade services player,” said Scott Murray, CEO, TTEK Inc.
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