AD Ports Group’s digital trade and logistics arm Maqta Gateway has acquired 100% of Barbados-based digital customs solutions outfit TTEK in a USD 26.7 mn transaction, according to a press release (pdf). The acquisition saw USD 17.1 mn paid upfront, the press release said. The acquisition should be completed by 8 June, and is pending the completion of conditions precedent. TTEK’s current management will stay on board for two years following the acquisition, according to the press release.

The acquisition could help Maqta expand globally: The acquisition is intended to bolster Maqta Gateway’s digital trade and Single Window customs solutions by introducing technologies like AI, machine learning, and advanced rich analytics to its digital trade and border control operations, according to the release. Maqta will also benefit from TTEK’s Vietnam-based research hub, which has expertise in customs and border modernization solutions across Africa, Middle East, North America and Australia, to help it expand globally.

SOUND SMART- The World Customs Organization (WCO) defines a Single Window solution as a framework that allows international traders to meet all import, export, and transit-related regulatory requirements through use of a standardized information format lodged at a single point of entry, saving traders time that would go towards receiving approvals from different authorities at different offices.

What they said: “The acquisition of TTEK will bring near-term and sustained synergistic benefits to AD Ports Group, including fast time-to-market delivery and significant sector expertise,” said AD Ports Group Managing Director and Group CEO Mohamed Juma Al Shamisim. “The comprehensive custom Single Window solution provided through this acquisition has high demand in international markets, including Central Asia,” he added.

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