Iteris (NASDAQ: ITI), an Austin, TX-based supplier of a know-how ecosystem for sensible mobility infrastructure administration, has entered right into a definitive merger settlement to be acquired by Almaviva, an Italian digital innovation group, in an all-cash transaction valuing Iteris, at roughly $335M.
Almaviva intends to finance the transaction utilizing dedicated debt financing. Upon completion of the deal, Iteris will turn out to be a privately held firm, and its frequent inventory will now not be traded on Nasdaq. The transaction is predicted to shut in 2024, topic to approval by Iteris shareholders, required regulatory approvals and different customary closing situations.
Led by CEO and President Joe Bergera, Iteris is a supplier of sensible mobility infrastructure administration options. Its cloud-enabled options assist public transportation businesses, municipalities, business entities and different transportation infrastructure suppliers monitor, visualize, and optimize mobility infrastructure to make mobility protected, environment friendly, and sustainable. As a innovator in clever transportation methods know-how, its detection sensors, mobility and site visitors information, software-as-a-service choices, and consulting providers characterize a complete vary of mobility infrastructure administration options that serve clients in the US and internationally.
Almaviva is a digital innovation firm with a worldwide presence by means of a community of firms specialised in tech and industry-specific core enterprise processes. It designs, implements and manages superior technological options and methods and associated logistics buildings for firms and public administrations working in quite a lot of sectors, together with transport, logistics, agriculture, digital well being, protection and safety, vitality, utilities, monetary providers, {industry}, telecommunications and media. With a worldwide community of 30 firms and 79 places of work in Italy and overseas, Almaviva has constructed a worldwide community of modern options and providers throughout digital transformation, digital status administration and people-centered know-how.
FinSMEs
09/08/2024
