NV5 Acquires GIS Solutions, Inc, Enhances Geospatial Application Development and Cloud Services for Departments of Transportation
HOLLYWOOD, Fla., April 04, 2024 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of technology, conformity assessment, and consulting solutions announced today that it has reached an agreement to acquire GIS Solutions, Inc. (“GIS Solutions”), a full range provider of enterprise geographic information system (GIS) technologies and services including GIS application development, cloud-based database design, data science, and project management. GIS Solutions supports state departments of transportation and utilities by developing solutions that monitor asset management, expedite efficient service delivery, and deliver real time mapping and incident reporting. The acquisition was made with a combination of cash and stock and will be immediately accretive to NV5’s earnings.
“Tech-enabled services, such as geospatial solutions, have grown as a percentage of NV5’s revenue as we focus on services with higher margins and more rapid scalability than traditional surveying services, and we are pleased to add GIS Solutions to the NV5 organization,” said Dickerson Wright, PE, Executive Chairman of NV5. “We will continue to identify and pursue opportunities in geospatial and other tech-enabled service categories to drive margin expansion and organic growth throughout NV5.”
GIS Solutions specializes in developing web-enabled GIS database applications from multiple modalities to track and monitor transportation resources and asset conditions for departments of transportation, a growing sector in the geospatial market. GIS Solutions also provides cloud-managed and systems design services to help organizations employ geospatial solutions. Applications may be utilized in cloud-based environments, networked desktop solutions, and mobile applications to meet the unique accessibility and security requirements of clients and their constituents.
“We are excited to join the NV5 team, and we look forward to the growth opportunities available to our valued employees as part of the nation’s largest geospatial data analytics firm,” said Jim Conlon, President of GIS Solutions.
About GIS Solutions
Headquartered in Springfield, IL, GIS Solutions is a full range provider of geographic information system products and services including design, development, and deployment of enterprise GIS solutions to public agencies, utilities, and private clients. GIS Solutions’ expertise in database design and application development is the foundation of our leading-edge information systems consultation and technical services. For more information, please visit .
About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, conformity assessment, and consulting solutions for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company focuses on multiple verticals: testing, inspection & consulting, infrastructure engineering, utility services, buildings & owner representation, environmental health sciences, and geospatial technology services to deliver innovative, sustainable solutions to complex issues and improve lives in our communities. NV5 operates out of more than 100 offices nationwide and abroad. For additional information, please visit the Company’s website at . Also visit the Company on , , , and .
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.
Investor Relations Contact
NV5 Global, Inc.
Jack Cochran
Vice President, Marketing & Investor Relations
Tel:
Email:
