American smart mobility infrastructure management company Iteris has been sold to Italian private digital innovation group Almaviva.
The all-cash transaction values Iteris at approximately $335 million equity value (approx £262 million). Under the terms of the agreement, Iteris shareholders will receive $7.20 (£5.64) in cash for each share of Iteris common stock.
Iteris has more than 10,000 public and private-sector clients using the company’s AI-powered ClearMobility Platform to monitor, visualise and optimise their mobility infrastructures. Almaviva is a business 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 says it has built a global network of innovative solutions and services across digital transformation, digital reputation management and people-centred 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 of Iteris. “Iteris has been a pioneer and leader in intelligent transportation systems for more than 15 years and the agreement we reached with Almaviva is a testament to the grit, determination and innovative spirit of our entire team. 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.”
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