“The divestiture accomplishes two objectives,” said Abbas Mohaddes, president and CEO of Iteris. “It enables us to concentrate our energy and resources in the growing traffic management market and provides additional funding to pursue new growth initiatives in that market. We plan to further enhance our intellectual property through acquisition opportunities much like our recent purchase of Meridian Environmental Technology,” Mohaddes said, adding that Iteris also intends to make further investments in R&D and sales and marketing, which is expected to accelerate the company’s organic growth.”
