TEXAS, UNITED STATES – Almaviva S.p.A., a leader in digital innovation and business process outsourcing, is acquiring Iteris, an intelligent transportation systems company, for $335 million.
The deal, which will be finalized in cash, offers Iteris shareholders $7.20 per share—a 68% premium on the company’s recent closing price.
This acquisition will bolster Almaviva’s position in the global digital mobility market by integrating Iteris’ expertise in optimizing public and private mobility infrastructures.
Strategic expansion in digital mobility
The Iteris Board of Directors has unanimously approved the transaction, which is expected to close by the end of 2024, subject to shareholder and regulatory approvals.
Almaviva will fund the acquisition through committed debt financing, and the deal is not contingent on financing conditions.
Joe Bergera, President and CEO of Iteris, expressed enthusiasm about the partnership. “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.”
He emphasized that the collaboration would foster innovation and support the global expansion of Iteris’ ClearMobility Platform.
Almaviva operates 79 offices worldwide and connects a network of 30 companies, offering advanced technological solutions tailored to industry-specific needs.
Iteris, headquartered in the US, is a pioneer in intelligent transportation systems, known for its AI-powered ClearMobility Platform. The platform serves over 10,000 public agencies and private enterprises globally, helping them monitor, visualize, and optimize mobility infrastructures.
