Bowman Consulting Acquires MTX Surveying For Undisclosed Sum, Expanding Energy-Oriented Services - Bowman Consulting Group (NASDAQ:BWMN)

Bowman Consulting Group Ltd BWMN announced the acquisition of MTX Surveying, Inc., a geospatial, land survey, and project management company. Deal terms not disclosed.
MTX Surveying, founded by Shane Nafe and Austin Holland in 2016, is based in Marshall, Texas, and has over 60 accredited professionals, technicians, and support staff serving clients in Texas, Louisiana, and New Mexico.
The MTX staff will all become Bowman employees in connection with the acquisition.
BWMN expects the deal to be immediately accretive and initially contribute approximately $9 million of annualized net service billing.
The company financed the deal with a combination of cash, seller notes, and equity. BWMN held cash and equivalents of $14.33 million as of March 31, 2023.
Also Read: Bowman Consulting Acquires Engineering Services Firm Hole Montes For Undisclosed Sum
“Their focus on oil and gas, energy, and renewables projects will help to accelerate our goal of increasing the contribution of power and utility-oriented assignments within our revenue mix. Their experience with aerial mapping, data capture, hi-res orthometric imagery, and drone surveying complements other recent acquisitions and investments we have made in geospatial technologies and services,” commented Gary Bowman, CEO of Bowman.
Price Action: BWMN shares traded lower by 0.28% at $28.01 on the last check Monday.