Iteris (NASDAQ:ITI) Completes Merger with Almaviva – Accelerating Growth and Innovation

On November 1, 2024, Iteris, Inc. announced the finalization of its acquisition by Almaviva S.p.A., following the Agreement and Plan of Merger initiated on August 8, 2024. The completion of this transaction signals a significant milestone for Iteris as it marks the company’s transition to becoming an indirect wholly-owned subsidiary of Almaviva, a notable player in digital innovation.

As per the terms of the merger agreement, each outstanding share of Iteris’ common stock, except for specific exceptions, was converted into the right to receive $7.20 in cash. Additionally, all existing Company Options and Restricted Stock Units were adjusted or cashed out accordingly based on the merger terms.

The total consideration paid by Almaviva for acquiring Iteris, including amounts allocated to stockholders holding Company Options, Company RSUs, and Company PSUs, summed up to roughly $337,346,859.72 million.

Following the completion of the merger, Iteris ceased trading on the NASDAQ Capital Market, with plans to delist from the exchange and deregister under the Securities Exchange Act of 1934. The company also intends to file a Form 15 with the SEC to terminate its registration under Section 12(g) of the Exchange Act.

As a result of the merger, a change in control took place at Iteris, with the company now operating as an indirect wholly-owned subsidiary of Almaviva. The management team saw some changes, with J. Joseph Bergera continuing in his role as President and CEO of the company.

Iteris expressed enthusiasm about joining Almaviva’s portfolio of digital innovation companies, citing the prospective acceleration of their ClearMobility® platform’s global adoption. The company remains committed to delivering digital mobility solutions and enhancing value for its stakeholders.

For detailed information on the merger agreement and the transactions involved, interested parties are encouraged to refer to the complete text of the Merger Agreement attached to the Form 8-K filing with the U.S. Securities and Exchange Commission.

The press release issued by Iteris on November 1, 2024, further emphasized the company’s transition under Almaviva and its dedication to advancing innovation in smart mobility infrastructure management.

Iteris, known for its smart mobility infrastructure management solutions, aims to capitalize on Almaviva’s global network and expertise to expand its offerings and drive innovation further.

For additional insights into Iteris and Almaviva’s strategic directions and offerings, details can be found on their respective websites.

This concludes the report on Iteris’ completion of the merger with Almaviva and the ensuing changes and prospects for the company’s future growth and operational dynamics.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Iteris’s 8K filing here.

Iteris Company Profile

Iteris, Inc provides intelligent transportation systems technology solutions in North America, Europe, South America, and Asia. The company offers smart mobility infrastructure solutions include traveler information systems, transportation performance measurement software, traffic analytics software, transportation operations software, transportation-related data sets, advanced sensing devices, managed services, traffic engineering services, and mobility consulting services.