Iteris has signed a definitive agreement to sell its vehicle sensors business to Bendix Commercial Vehicle Systems, a member of Knorr-Bremse Group. The sensors business encompasses a portfolio of vehicle active safety systems including lane departure warning, forward collision warning, and blind spot warning, as well as SafetyDirect software that analyses real-time driver performance. “The divestiture accomplishes two objectives,” said Abbas Mohaddes, president and CEO of Iteris. “It enables us to concentra
January 27, 2012
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73 Iteris has signed a definitive agreement to sell its vehicle sensors business to 737 Bendix Commercial Vehicle Systems, a member of Knorr-Bremse Group. The sensors business encompasses a portfolio of vehicle active safety systems including lane departure warning, forward collision warning, and blind spot warning, as well as SafetyDirect software that analyses real-time driver performance.
“The divestiture accomplishes two objectives,” said Abbas Mohaddes, president and CEO of Iteris. “It enables us to concentrate our energy and resources in the growing traffic management market and provides additional funding to pursue new growth initiatives in that market. We plan to further enhance our intellectual property through acquisition opportunities much like our recent purchase of Meridian Environmental Technology,” Mohaddes said, adding that Iteris also intends to make further investments in R&D and sales and marketing, which is expected to accelerate the company’s organic growth.”
