Iteris (NASDAQ: ITI), an Austin, TX-based provider of a technology ecosystem for smart mobility infrastructure management, has entered into a definitive merger agreement to be acquired by Almaviva, an Italian digital innovation group, in an all-cash transaction valuing Iteris, at approximately $335M.
Almaviva intends to finance the transaction using committed debt financing. Upon completion of the deal, Iteris will become a privately held company, and its common stock will no longer be traded on Nasdaq. The transaction is expected to close in 2024, subject to approval by Iteris shareholders, required regulatory approvals and other customary closing conditions.
Led by CEO and President Joe Bergera, Iteris is a provider of smart mobility infrastructure management solutions. Its cloud-enabled solutions help public transportation agencies, municipalities, commercial entities and other transportation infrastructure providers monitor, visualize, and optimize mobility infrastructure to make mobility safe, efficient, and sustainable. As a innovator in intelligent transportation systems technology, its detection sensors, mobility and traffic data, software-as-a-service offerings, and consulting services represent a comprehensive range of mobility infrastructure management solutions that serve customers in the United States and internationally.
Almaviva is a digital innovation company with a global presence through a network of companies specialized in tech and industry-specific core business processes. It designs, implements and manages advanced technological solutions and systems and related logistics structures for companies and public administrations operating in a variety of sectors, including transport, logistics, agriculture, digital health, defense and security, energy, utilities, financial services, industry, telecommunications and media. 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.
FinSMEs
09/08/2024