Atlas Technical Consultants Completes Acquisition of WesTest

Rhea-AI Summary

Atlas Technical Consultants (Nasdaq: ATCX) has successfully completed the acquisition of WesTest LLC, a provider of transportation-related testing and inspection services. This strategic move enhances Atlas's presence and cross-selling abilities in the transportation sector. CEO L. Joe Boyer highlighted the integration of WesTest's team and clientele as a substantial opportunity for growth, driven by increased investments from state Departments of Transportation (DOTs). The acquisition's terms remain undisclosed, but it marks a significant step in expanding Atlas’s service offerings.

Positive

• Acquisition enhances presence in the transportation sector.
• Increased cross-selling capabilities from WesTest's established client relationships.
• Potential for revenue growth due to increased spending by state DOTs.

Negative

• None.

- Deepens presence and cross-selling capabilities in transportation sector -

AUSTIN, Texas, Dec. 01, 2020 (GLOBE NEWSWIRE) -- Atlas Technical Consultants, Inc. (Nasdaq: ATCX) (“Atlas” or the “Company”), a leading provider of professional testing, inspection, environmental, engineering, program management and consulting services, announced today that it closed on its previously announced acquisition of WesTest LLC (“WesTest”), a key provider of transportation-related testing and inspection services. Headquartered in Lakewood, Colorado, WesTest provides a wide range of materials testing, specification development, forensic engineering, geotechnical engineering and construction support services in Colorado.

L. Joe Boyer, Atlas’ Chief Executive Officer, said, “We are extremely pleased to welcome the employees and clients of WesTest to the Atlas family. Their team brings a well-respected brand, technical expertise and a history of repeat business from long-standing customers. Our combined service offerings and the increased spending by state DOTs provide a sturdy growth platform for years to come.” 

The terms of the acquisition were not disclosed. Inclusive of this transaction, the Company’s recently concluded warrant exchange, and the conversion of a portion of class B shares to class A shares, the Company will have 35,152,196 common shares outstanding consisting of 12,673,746 class A shares and 22,478,450 class B shares.

About Atlas Technical Consultants

Headquartered in Austin, Texas, Atlas is a leading provider of professional testing, inspection, engineering, environmental, program management and consulting services. Under the name Atlas Technical Consultants, we offer solutions to public and private sector clients in the transportation, commercial, water, government, education and industrial markets. With approximately 140 offices in 41 states and approximately 3,300 employees, Atlas provides a broad range of mission-critical technical services, helping clients test, inspect, certify, plan, design and manage a wide variety of projects across diverse end markets. For more information, go to https://www.oneatlas.com.

Forward-Looking Statements

The statements contained in this press release that are not purely historical are forward-looking statements. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. The information included in this press release in relation to Atlas has been provided by Atlas and its management team, and forward-looking statements include statements relating to Atlas’ management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us and are based on management’s experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: (1) the effect, impact, potential duration or other implications of the COVID-19 pandemic and any expectations we may have with respect thereto; (2) the risk that our actual results may differ from the guidance we have provided; (3) the ability to recognize the anticipated benefits of our past acquisitions, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain management and key employees; (4) changes adversely affecting the business in which we are engaged; (5) changes in applicable laws or regulations; (6) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and (7) other risks and uncertainties indicated from time to time in the Company’s filings with the U.S. Securities and Exchange Commission, including those under “Risk Factors” therein.

Contacts:

Media
Karlene Barron
770-314-5270
karlene.barron@oneatlas.com

Investor Relations
512-851-1507
ir@oneatlas.com

FAQ

What is the purpose of Atlas's acquisition of WesTest LLC?

The acquisition aims to enhance Atlas's presence and cross-selling capabilities in the transportation sector.

When did Atlas Technical Consultants acquire WesTest LLC?

Atlas completed the acquisition of WesTest LLC on December 1, 2020.

What impact does the acquisition of WesTest have on Atlas's business?

The acquisition is expected to create a sturdy growth platform by leveraging increased spending from state DOTs and expanding service offerings.

How does the acquisition of WesTest LLC affect Atlas's stock symbol ATCX?

While the acquisition itself does not directly change the stock symbol ATCX, it is expected to positively influence the company's growth potential and market presence.