Iteris, an Austin, TX-based provider of smart mobility infrastructure management technology, announced it has entered into a definitive agreement to be acquired by Almaviva, an Italian digital innovation group. The all-cash transaction values Iteris at approximately $335 million.
Almaviva plans to finance the acquisition through committed debt financing. Once the deal is finalized, Iteris will become a privately held company, and its common stock will cease trading on Nasdaq. The transaction is anticipated to close in 2024, pending approval from Iteris shareholders, regulatory authorities, and other customary conditions.
Iteris, led by CEO and President Joe Bergera, offers a comprehensive technology ecosystem for smart mobility infrastructure management. Their cloud-enabled solutions assist public transportation agencies, municipalities, and commercial entities in monitoring, visualizing, and optimizing mobility infrastructure to enhance safety, efficiency, and sustainability. The company’s intelligent transportation systems technology includes detection sensors, mobility and traffic data, software-as-a-service offerings, and consulting services, serving a wide range of customers in the U.S. and internationally.
Almaviva, a digital innovation leader with a global presence, specializes in designing, implementing, and managing advanced technological solutions across various sectors, including transportation, logistics, agriculture, digital health, and more. With a network of 30 companies and 79 offices worldwide, Almaviva is recognized for its expertise in digital transformation and people-centered technology solutions.
