US-based smart-city company Iteris has been acquired by Italian system integrator Almaviva Group for $335 million. This acquisition encompasses 100% of Nasdaq capital at $7.20 per share. It is funded by a €725 million bond on the Luxembourg Stock Exchange, maturing in 2030. Additionally, Almaviva has settled a €350 million bond due by 2026.
Founded in California in 1969 and currently based in Texas, Iteris is a leader in infrastructure management solutions and consultancy. Its annual revenue hits $180 million, with 425 employees serving a mix of local, national, and international clients. Although Iteris will be delisted, it will retain its branding and continue operating as an independent entity. Current management, including CEO Joe Bergera, will remain onboard.
Iteris joins Almaviva’s expansive portfolio, which spans transport, logistics, and other crucial industries. With 79 global offices, Almaviva has a strong presence across Latin America, Europe, and the Middle East. According to Almaviva, the acquisition broadens their market reach and client base, particularly in the North American sector. Marco Tripi, Almaviva, “This acquisition reflects Almaviva Group’s ongoing strategy to strengthen its presence in high-growth, technology-driven markets.” He emphasized Almaviva as Italy’s sole tech firm with a genuine global strategy, highlighting its commitment to the US market expansion.
From Iteris’ perspective, Joe Bergera noted, “Leveraging Almaviva’s global network and deep expertise in transportation and other sectors, we will continue to build on our proven ClearMobility platform, expand our offerings, and accelerate innovation.” He reassured clients that their focus on high-quality service would remain intact.
