Italian firm Almaviva has acquired 100% of the share capital of US-based ITS company Iteris for US$335 million – a strategic move which will see Almaviva broaden its markets, expand its client based and drive US growth through proprietary mobility solutions.
Iteris, which provides smart mobility infrastructure management solutions for both public and private sector clients across North America, will continue to operate as a separate legal entity and will retain its brand. Additionally, the company will continue to be led by president and CEO Joe Bergera and Iteris’ existing management team.
Iteris’ common stock has now ceased trading on the Nasdaq market and the company will no longer be listed on any public market effective as of the closing.
“This acquisition reflects Almaviva Group’s ongoing strategy to strengthen its presence in high-growth, technology-driven markets,” said Marco Tripi, CEO of Almaviva Group. “This new strategic move enhances our international standing, particularly in the sustainable mobility sector.
“Almaviva is already leading significant mobility projects across the Middle East, the UK, various European countries, the Americas, and North Africa. We are proud to be the only Italian tech company pursuing a truly global industrial strategy, with a strong focus on expanding our footprint in the United States,” Tripi added.
“We are thrilled to join Almaviva’s portfolio of leading digital innovation companies,” Iteris’ Bergera continued. “While our ownership has changed, our commitment to our customers and the way we serve them has not. Leveraging Almaviva’s global network and deep expertise in transportation and other sectors, we now have access to exciting new resources to continue to build on our proven ClearMobility platform, expand our offerings and accelerate innovation.”
Iteris offers software, digital platforms, and professional consulting services in the area of intelligent transport systems. Founded in 1969 in California, the company is headquartered in Austin, Texas, and has approximately 425 employees with an annual revenue of US$180 million.
Iteris’s solutions empower public transit agencies, municipalities, commercial entities, and other transportation infrastructure providers to monitor, manage, and optimize mobility systems, making them safer, more efficient, and sustainable. With a comprehensive range of mobility infrastructure management solutions, Iteris serves clients across the US and internationally.
The strategic value of this acquisition lies in the strong integration of technology and business. Almaviva is enhancing its expertise, product offerings, and solutions by introducing its proprietary Moova sustainable mobility platform and Italian know-how to the North American market, further solidifying its position in the global transportation and logistics landscape.
