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AD Ports digital arm buys customs systems firm

AD Ports Maqta digital AD Ports Group
AD Ports said Maqta Gateway's acquisition of TTEK reinforces its market position as a leading digital trade solution provider
  • Maqta Gateway acquires TTEK Inc for $26.7m
  • AD Ports raised over $1bn in IPO in February

Maqta Gateway, the digital arm of AD Ports Group, has acquired TTEK Inc, a developer of border control solutions and customs systems, in a deal worth $26.7 million.

The acquisition involves an upfront payment of $17.1 million and adds to Maqta Gateway’s digital trade solutions portfolio, which uses disruptive technologies such as artificial intelligence, machine learning and advanced risk analytics,

Maqta aims to leverage TTEK’s research and development hub in Vietnam.

Captain Mohamed Juma 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.”

TTEK is on track to achieve revenue and of around $8.2 million for the year to March 2023 and earnings before interest, taxes, depreciation and amortisation of $2.3 million.

Its CEO Scott Murray added: “TTEK bridges strategic, tactical and operational perspectives for customs modernisation and trade facilitation.”

TTEK’s management will be locked-in for a period of two years post-transaction.

Earlier this month AD Ports Group signed a $2 billion financing agreement with a syndicate of 13 regional and international banks.

Part of Abu Dhabi investment and holding company ADQ, AD Ports Group has a portfolio of ports, economic zones, logistics and digital businesses driving the growth of international trade.

The company has evolved into a significant driver of economic growth, contributing AED152.8 billion ($41.6 billion) to the UAE’s GDP, representing 13 percent of the Emirates’ non-oil GDP and creating approximately 373,500 jobs. 

In February last year AD Ports Group raised over $1 billion in an initial public offering.

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