Deal expected to support the company’s plan to widen its digital trade solutions within the region
AD Ports Group’s digital arm Maqta Gateway is buying TTEK, a Barbados headquartered developer of border control solutions and customs systems, for US$ 26.7mn to expand its digital trade solutions portfolio.
Maqta Gateway is acquiring 100 per cent of TTEK with an upfront payment of US$ 17.1mn, AD Ports said in a recent statement to the Abu Dhabi Securities Exchange, where its shares are traded.
TTEK’s solutions use more than 1.5mn risk indicators and artificial intelligence predictive modelling to enhance border security controls and support customs and immigration agencies.
Maqta Gateway aims to leverage TTEK’s research and development centre in Vietnam and its extensive expertise in customs and border modernisation solutions across Africa, Middle East, North America, and Australia to strengthen its service offering, the statement continued.
“TTEK’s existing trade expertise in the Middle East supports the Group’s ambition to widen its digital trade solutions within the region,” observed Capt Mohamed Al Shamisi, Managing Director and Group Chief Executive, AD Ports Group.
Earlier this month AD Ports signed a funding deal worth US$ 2bn with a syndicate of 13 regional and international banks to strengthen its financial position.
“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, thereby strengthening the group’s value proposition as a Single Window solution provider,” said Noura Al Dhaheri, chief executive of digital cluster and chief executive of Maqta Gateway, AD Ports Group.
