Tetra Tech adds new capabilities with eGlobalTech acquisition
Tetra Tech is best known as an engineering and consultancy firm that works in a variety of sectors, such as water and energy technology. However, the company is looking to add to its expertise with a new acquisition, giving it capabilities in information technology (IT), cloud migration, and cybersecurity. The company purchased, eGlobalTech, will be joining Tetra Tech’s government services group. The terms of the deal have not been disclosed.
Tetra Tech’s share price has risen by 19% year to date
Source: Yahoo Finance
Tetra Tech’s acquisition will expand its consultancy abilities for clients into emerging tech – a lucrative and fast-growing area.
The company’s chairman and CEO, Dan Batrack, said: “The addition of eGlobalTech and their laboratory incubator will allow us to pilot and apply exciting new techniques that incorporate artificial intelligence, data analytics, and advanced cybersecurity solutions for our government and commercial customers.”
The smaller company will bring clients with it, such as the US Health and Human Services Department – meaning that Tetra Tech won’t just gain powerful new capabilities, but will also be in possession of new, potentially significant, client contracts.
Sanjiv Jain, eGlobalTech’s CEO, spoke about his company’s integration, striking a keen note: “This merger will provide us with the high-end partnership, with a like-minded company, that will continue to advance the application of IT to more clients and projects, while providing extraordinary new opportunities for our employees to apply their expertise.”
Dominion holds Tetra Tech in its Global Trends Managed Fund.
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