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HOLLYWOOD, Fla., Jan. 12, 2021 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of compliance, technology, and engineering consulting solutions, announced today that it has reached an agreement to acquire Industrial Design Associates International (“IDA”), an international engineering services consulting company. IDA provides building commissioning and MEP design services to clients throughout Asia and Europe. IDA’s 85 employees operate out of seven offices in Hong Kong, China, Singapore, and India and specialize in the financial services, data center, and technology markets.
Dickerson Wright, PE, Chairman and CEO of NV5, said, “The addition of IDA will expand our international MEP design, building commissioning, and subscription-based energy services revenue. IDA’s client base includes a number of large international financial and technology companies, and its specialized expertise in the data center and technology markets offers an opportunity for continued expansion in these high-margin, high-growth sectors.”
IDA has performed engineering design, commissioning, and due diligence services on a variety of large-scale international projects including hyperscale data centers with more than 500 megawatts of power capacity throughout Europe, the Middle East, and Asia and commercial interiors for the world’s largest financial services and technology companies. “We are excited to join NV5 and look forward to the expanded technical capabilities and solutions that we can now offer to our clients,” said Brian Paul, Managing Director at Industrial Design Associates International. “NV5’s MEP and technology design and energy efficiency solutions, combined with IDA’s engineering and commissioning capabilities, provide a growth opportunity for our existing clients and a unique value proposition for new client pursuits.”
“NV5 strives to support our clients throughout the lifecycle of their assets, and IDA’s services further strengthen this value proposition. NV5’s building analytics offering will complement IDA’s commissioning service and provide opportunities to further grow our existing subscription-based revenue internationally,” said Gary Hui, PE, Vice President of NV5 Energy Efficiency Services.
About Industrial Design Associates International
Founded in 2003, Industrial Design Associates International is a building services consulting company providing building commissioning, MEP design, due diligence, and specialty consulting services for commercial and industrial facilities and data centers across Asia and Europe. From its headquarters in Hong Kong and six field offices, IDA’s experienced professionals have delivered engineering design and commissioning services on over 300 complex projects in 18 countries.
NV5 Global, Inc. (NASDAQ: NVEE) is a leading provider of compliance, technology, and engineering consulting solutions for public and private sector clients supporting infrastructure, utility, and building assets and systems. The Company primarily focuses on six business verticals: testing, inspection & consulting, infrastructure support services, utility services, buildings & program management, environmental health sciences, and geospatial technology services. NV5 operates out of more than 100 offices nationwide and abroad. For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.
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.
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Source: NV5 Global, Inc.