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RESTON, Va. - Bowman Consulting Group Ltd. (NASDAQ:BWMN), a consulting firm showing impressive revenue growth of 21.78% over the last twelve months, announced Wednesday it has entered into a definitive purchase agreement to acquire e3i Engineers, a Boston-based firm specializing in data center and energy infrastructure design. According to InvestingPro data, the company maintains strong gross profit margins of 52.39%, suggesting efficient operations management.
The acquisition will enhance Bowman’s capabilities beyond site and civil infrastructure and expand its services into specialized data center engineering. e3i Engineers has designed over 3.2 million square feet of data center space, including projects supporting AI, high density and hyperscale requirements. With a market capitalization of $493.38 million and analysts revising earnings estimates upward, Bowman appears positioned for growth. InvestingPro subscribers can access 10+ additional exclusive insights about Bowman’s growth prospects.
"The acquisition of e3i is a strategic step forward as we expand our footprint beyond site and civil infrastructure and further into the heart of the data center," said Gary Bowman, founder and CEO of Bowman.
e3i brings expertise in technical innovations including direct-to-chip cooling technology and turnkey engineering solutions for fuel cells, battery storage and microgrids for resilient, low-carbon energy systems.
William Leuci, president of e3i, noted that joining forces with Bowman would provide "scale, reach and resources to amplify our impact across fast growing markets."
The acquisition will be financed through a combination of cash, seller notes and a convertible note. Bowman expects e3i to initially operate at an annualized net service billing run rate of approximately $2.0 million.
Bowman Consulting Group, headquartered in Reston, Virginia, employs over 2,400 people across 100 U.S. locations, providing engineering, geospatial, construction management and environmental consulting services.
The information in this article is based on a company press release statement.
In other recent news, Bowman Consulting Group Ltd. reported its first-quarter 2025 earnings, revealing a significant revenue increase to $112.9 million, surpassing the forecasted $100.58 million. However, the company’s earnings per share (EPS) of $0.07 fell short of the expected $0.13. Despite this, Bowman demonstrated strong performance in the transportation and power/utilities sectors, contributing to a 19% year-over-year revenue growth. Additionally, Bowman announced a new share repurchase program, authorizing the buyback of up to $25 million in common stock, which will commence in June 2025. In governance changes, the company re-elected directors and separated the roles of chairman and CEO, with James Laurito becoming the new Chair of the Board. Bowman also secured a Phase II contract with the USDA for aerial imagery services, covering 11.2 million acres across the United States. These developments reflect Bowman’s strategic focus on expanding its federal revenue streams and enhancing its governance structure.
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