Italian tech firm Almaviva to acquire Iteris for $335Mn
TEXAS, UNITED STATES — Iteris, an intelligent transportation systems company, announced that it had entered into a definitive merger agreement with Almaviva S.p.A., an Italian digital innovation firm.
The transaction is estimated to cost approximately $335 million and will be done in cash, with shareholders receiving $7.20 per share—a 68% premium on Iteris’ August 8, 2024 closing price.
After the deal has been completed, ClearMobility Platform’s creator Iteris will no longer be publicly held but its shares are expected to be delisted from Nasdaq.
Expansion strategies for Almaviva and Iteris
The acquisition will help Almaviva gain more ground in the global market of digital mobility by leveraging on the expertise of Iteris in optimizing public and private mobility infrastructures.
Almaviva is a business process outsourcing (BPO) company involved in digital transformation across different sectors such as transport, logistics as well as public administration.
With 79 offices globally and a network of 30 companies, Almaviva has been at the forefront of digital innovation, offering advanced technological solutions and systems tailored to industry-specific needs.
On the other hand, Iteris, headquartered in the United States, has built a reputation as a pioneer in intelligent transportation systems with its advanced detection sensors, mobility and traffic data, software-as-a-service offerings, and consulting services.
Its AI-powered ClearMobility Platform serves over 10,000 public agencies and private-sector enterprises worldwide, helping them monitor, visualize, and optimize mobility infrastructures.
Approval process and future prospects
The Iteris Board of Directors has unanimously approved the transaction, which is expected to close by the end of 2024, pending shareholder and regulatory approvals.
Almaviva will finance the acquisition through committed debt financing, and the deal is not subject to a financing condition.
“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.
