Bowman Enters into Definitive Agreement to Acquire Surdex Corporation, Adding High-Altitude Digital Imagery, Digital Mapping and Advanced Geospatial Services April 3, 2024, Reston, VA – Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), a national engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment, announced it has entered into a definitive agreement to acquire St. Louis-based Surdex Corporation (“Surdex”), a geospatial and engineering services firm providing low-, medium- and high-altitude digital orthoimagery, advanced high-resolution LiDAR, intelligent digital mapping, 3D hydrography, and disaster mapping.

The negotiated purchase price of $44 million includes all Surdex aviation, UAV and image processing assets and will be comprised of a combination of cash, seller notes and 505,541 shares of Bowman common stock valued for the purpose of this transaction at a fixed price of $37.58 per share and subject to a six-month lock-up agreement.

Applications for Surdex services include infrastructure planning, resource management, roadway planning and development, environmental studies, tax assessment, and disaster response planning.