US smart-city software company Iteris has sold to Italian outfit Almaviva Group for $335 million. Iteris provides infrastructure management solutions and consultancy. The deal covers 100 percent of its Nasdaq capital, priced at $7.20 per share, and is funded by a €725 million bond (with a fair value of about $784 million) on the Luxembourg Stock Exchange (Euro MTF), with a five percent interest rate, maturing in 2030. As part of the bond issue, Almaviva Group has also settled a €350 million bond ($378 million), which had been due for repayment in 2026.
Iteris will no longer be listed, as of the deal’s close. The firm, founded in California in 1969, now based in Texas, has annual revenue of $180 million, and employs around 425 staff. It sells to local and national governments, public and private agencies, and other transport infrastructure providers – to “monitor, manage, and optimise mobility systems”. It serves clients in its home market, and also internationally. It will continue as a separate legal entity, and also retain its brand. Its existing management team, including president and chief executive Joe Bergera will be retained.
Almaviva Group provides system integration via 30 different portfolio companies around the world. It has 79 offices, including in Latin America (Brazil, Colombia, Dominican Republic), Europe (Belgium, Finland, Spain,) and the Middle East and Africa (Egypt, Saudi Arabia, Tunisia, the UAE). Its focus is on transport, logistics, agriculture, healthcare, defence, energy, utilities, finance, and industrial sectors. Iteris will slot into its transportation and logistics portfolio. It will introduce its proprietary Moova mobility platform and “Italian know-how” in the North American market, it said. The deal will “broaden markets, expand client base, and drive US growth”, it added.
Marco Tripi, chief executive at Almaviva Group, said: “This acquisition reflects Almaviva Group’s ongoing strategy to strengthen its presence in high-growth, technology-driven markets. [It] enhances our international standing, particularly in the sustainable mobility sector. Almaviva is already leading significant mobility projects across the Middle East, the UK, various European countries, the Americas, and North Africa. We are proud to be the only Italian tech company pursuing a truly global industrial strategy, with a strong focus on expanding our footprint in the US.”
Bergera said: “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. Above all, joining Almaviva allows us to enhance the value we bring to [customers], providing… a broader portfolio of solutions and the same dedicated care and support.”
