Iteris, creator of the ClearMobility platform, is to be bought by private Italian digital specialist Almaviva in a deal valued at around $335 million.
The transaction, recommended by Iteris' directors, is expected to go through this year, subject to shareholder and regulatory approval, and would mean Iteris stock is no longer traded on Nasdaq.
“This announcement marks an exciting next chapter for Iteris and all of our stakeholders,” said Joe Bergera, president and CEO of Iteris.
“Almaviva shares our vision for the future of digital mobility and our commitment to excellence. With this transaction, our team will be strongly positioned to continue to innovate and expand the global adoption of our ClearMobility Platform.”
Almaviva has experience in transport and logistics as well as many other fields including energy, utilities, telecoms and defence.
The company says it "creates and manages mission-critical enterprise solutions for the movement of people and goods" and has a global network of 30 companies and 79 offices in Italy and abroad.
Iteris shareholders will receive $7.20 in cash for each share of Iteris common stock.
