Iteris to be bought by Almaviva for $335m

Private Italian digital group set to acquire the ClearMobility platform owner
By Adam Hill August 16, 2024 Read time: 1 min
Sharing a vision 'for the future of digital mobility' (© Nicoelnino | Dreamstime.com)

Iteris, creator of the ClearMobility platform, is to be bought by private Italian digital specialist Almaviva in a deal valued at around $335 million.

The transaction, recommended by Iteris' directors, is expected to go through this year, subject to shareholder and regulatory approval, and would mean Iteris stock is no longer traded on Nasdaq.

“This announcement marks an exciting next chapter for Iteris and all of our stakeholders,” said Joe Bergera, president and CEO of Iteris. 

“Almaviva shares our vision for the future of digital mobility and our commitment to excellence. With this transaction, our team will be strongly positioned to continue to innovate and expand the global adoption of our ClearMobility Platform.”

Almaviva has experience in transport and logistics as well as many other fields including energy, utilities, telecoms and defence.

The company says it "creates and manages mission-critical enterprise solutions for the movement of people and goods" and has a global network of 30 companies and 79 offices in Italy and abroad.

Iteris shareholders will receive $7.20 in cash for each share of Iteris common stock.

Classification & Data Collection Networking & Communication Systems Urban Traffic Control

For more information on companies in this article

Related Content

  • Transition to all electronic tolling leads to cost savings
    February 2, 2012
    How a temporary congestion-relief solution resulted in the North Texas Tollway Authority's transition to all-electronic toll collection and potential savings of up to $472 million by 2045. By Carla Kienast, ETC Corporation
    Read More
  • Future of US cooperative infrastructure networks
    July 31, 2012
    Peter H. Appel, the new Administrator of the USDOT's Research and Innovative Technology Administration, on his vision of the US's future cooperative infrastructure networks. Peter H. Appel comes to the post of Administrator of the US Department of Transportation's Research and Innovative Technology Administration (RITA) from a background in transportation-related work which stretches back over 20 years. Most recently with management consultancy A. T. Kearney, Inc., where he focused on busin
    Read More
  • Econolite keeps an open mind
    May 11, 2021
    If we’re going to take advantage of new technologies to improve safety, collaboration at the traffic management cabinet edge is vital, thinks Eric Raamot of Econolite
    Read More
  • Mature solutions for emerging economies
    June 8, 2015
    Siemens’ Marcus Welz talks to David Crawford about suitable ITS solutions for emerging economies. Be bold in vision - and output - and user-oriented in practice,” Marcus Welz advises emerging economies planning ITS investments. Says the Siemens Group senior vice president and global sales director for ITS: “Their road users need better, more reliable and safer trips – but without costs increasing too much. The good news is that many countries are already tackling the big issues of traffic and the environmen
    Read More

Highlighted Content