Iteris Completes Its Transition with Almaviva
Iteris, Inc., a leader in smart mobility infrastructure management, has successfully closed its acquisition deal with Almaviva S.p.A. Following this significant transaction, Iteris’ common stock is no longer traded on NASDAQ, marking a new chapter for the company.
Continuous Operation as a Separate Entity
Post-acquisition, Iteris will maintain its brand identity and operate as a separate entity under the Almaviva group. Under the continued leadership of President and CEO Joe Bergera and the existing management team, Iteris is set to leverage Almaviva's extensive resources and expertise.
Commitment to Customers Remains Strong
Joe Bergera expressed enthusiasm about the acquisition, stating, “We are thrilled to join Almaviva’s portfolio of leading digital innovation companies. Our commitment to our customers remains unchanged, and we are excited to enhance our service with Almaviva’s global network.” With this new relationship, Iteris aims to further develop its platforms and expand its offerings in mobility solutions.
Stockholder Support for the Merger
In a show of strong support, more than 98% of the shares present at a recent Special Meeting voted in favor of the merger agreement. This overwhelming approval reflects the confidence of stakeholders in Iteris' strategic direction moving forward post-acquisition.
Advisory Support During the Acquisition
Iteris had comprehensive advisory support throughout the acquisition process. Morgan Stanley & Co. LLC served as the financial advisor for Iteris, while Latham & Watkins LLP provided legal counsel. Almaviva also engaged a team of advisors, including Goldman Sachs Bank Europe SE and various prestigious legal firms to ensure a smooth transition.
About Iteris, Inc.
Iteris, Inc. specializes in solutions that enhance the management of smart mobility infrastructure. Their cloud-enabled solutions empower public agencies and other entities to effectively monitor and optimize mobility infrastructure, ensuring safety and sustainability. As pioneers in intelligent transportation technology, Iteris provides traffic data, advanced detection sensors, and innovative consulting services.
About Almaviva Group
Almaviva is an Italian digital innovation powerhouse renowned for enhancing competitiveness in the digital era. With a robust network of companies and offices worldwide, Almaviva designs and implements state-of-the-art technological solutions across various sectors, including transport and logistics. The Group is dedicated to advancing mission-critical solutions for organizing the movement of people and goods efficiently.
Frequently Asked Questions
What is Iteris, Inc. known for?
Iteris, Inc. is renowned for its smart mobility infrastructure management solutions that enhance transport and mobility safety and efficiency.
Who leads Iteris after the acquisition?
Joe Bergera continues to serve as the President and CEO of Iteris, focusing on the company's commitment to customers.
How did stockholders respond to the merger with Almaviva?
Over 98% of the shares present at the Special Meeting voted in favor of the merger agreement, highlighting strong stakeholder support.
What role does Almaviva play in the acquisition?
Almaviva brings a wealth of expertise and resources, positioning Iteris to expand its mobility solutions and innovation capabilities.
What services does Iteris offer?
Iteris provides a comprehensive range of services, including cloud-enabled traffic management solutions, advanced detection sensors, and consulting services for transportation infrastructure.
