Iteris enters new phase with $335m private acquisition by Almaviva

Iteris, Inc., a notable provider of solutions for smart mobility infrastructure management and listed on the Nasdaq, is set to transition into a private company following a takeover valued at $335 million by Almaviva, the Italian leader in digital innovation. The acquisition deal specifies that Iteris shareholders will receive a cash payout of $7.2 for each share they hold, which is approximately 68% above the stock’s closing price as of August 8, 2024.

Almaviva, with its substantial international footprint that includes 30 companies and 79 offices worldwide, views this acquisition as a key strategic move. The company is committed to advancing digital transformation across multiple sectors, enhancing digital reputation management, and deploying human-centric technology solutions. For its part, Iteris is integral to the advancement of smart mobility, supporting thousands of public and private entities with its AI-driven ClearMobility Platform to streamline mobility infrastructures.

Joe Bergera, President and CEO of Iteris, expressed enthusiasm about the merger, stating, “This deal opens a promising new chapter for Iteris and all involved parties. It not only validates our team’s hard work and innovative approach but also aligns with Almaviva’s vision for the future of digital mobility and excellence.”

The finalization of this transaction is anticipated in 2024, pending approvals from Iteris shareholders, regulatory bodies, and the satisfaction of other usual closing conditions. Almaviva has arranged the necessary debt financing to fund this acquisition, which is not dependent on any financing conditions. Once the deal concludes, Iteris will become a privately held entity and will withdraw its shares from Nasdaq trading.

On the advisory front, Morgan Stanley & Co. LLC and Latham & Watkins LLP are guiding Iteris on financial and legal matters, respectively. Almaviva has engaged Goldman Sachs Bank Europe SE’s Italian branch for financial advice and King & Spalding LLP, Legance – Avvocati Associati, Linklaters, and EY Advisory S.p.A for legal and fiscal counsel.

In related news, the City of Lakeland, Florida recently chose Iteris to implement its advanced smart mobility infrastructure technologies to enhance their Intersection Crash Avoidance Safety Program (iCASP). The deployment includes Iteris’ next-generation Vantage Next video detection system and VantageLive!, a web-based service that gathers and analyzes data to improve traffic safety measures against red light violations.