Iteris has entered into a definitive merger agreement to be acquired by Almaviva S.p.A. (Almaviva) – a private Italian digital innovation group.
The all-cash transaction values Iteris at approximately $335m equity value.
Iteris, based in Austin, Texas, is a global leader in smart mobility infrastructure management with over 10,000 public agencies and private-sector enterprises that rely on the Company’s AI-powered ClearMobility Platform to monitor, visualize and optimize their mobility infrastructures.
Almaviva is a leader in digital innovation, helping companies to embrace new digital platforms across a range of public and private market sectors. With a global network of 30 companies and 79 offices in Italy and abroad, Almaviva has built a global network of innovative solutions and services across digital transformation, digital reputation management and people-centered technology.
The cash purchase price represents a premium of approximately 68% to the Company’s closing share price on August 8, 2024. The transaction was unanimously approved and will be recommended to its shareholders by the Iteris Board of Directors.
“This announcement marks an exciting next chapter for Iteris and all of our stakeholders,” said Joe Bergera, President and CEO, Iteris.
“Iteris has been a pioneer and leader in intelligent transportation systems for more than 15 years Almaviva shares our vision for the future of digital mobility and our commitment to excellence.
“With this transaction, our team will be strongly positioned to continue to innovate and expand the global adoption of our ClearMobility Platform.”
