11:20 AM EDT, 04/03/2024 (MT Newswires) -- Bowman Consulting Group ( BWMN ) said Wednesday it has agreed to acquire Surdex Corp., a geospatial and engineering firm offering digital imagery, LiDAR technology, digital mapping, 3D hydrography, and disaster mapping services.

The acquisition, with a negotiated purchase price of $44 million, is expected to close by April 10, Bowman said.

The purchase price will include all Surdex assets and will be paid in cash, seller notes, and 505,541 shares of Bowman common stock valued at $37.58 per share and subject to a six-month lock-up agreement, according to the company.

Bowman said it expects Surdex to operate at around $28 million in annualized net service billing.

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