Iteris to acquire Meridian Environmental Technologies

73 Iteris has signed a stock purchase agreement to acquire  605 Meridian Environmental Technology, a privately-held company based in North Dakota. MET is a leader in 511 advanced traveller information systems, as well as maintenance decision support system (MDSS) management tools that allow users to create solutions to meet roadway maintenance decision needs. The tool provides detailed and accurate information at the route level enabling the efficient maintenance of roads and highways while optimizing resource use and reducing costs.

“This acquisition commences a key element of our accelerated growth strategy targeting synergistic companies that enhance our IP,” said Abbas Mohaddes, president and CEO of Iteris. “In addition to an attractive customer base within weather and traveller information systems, MET provides Iteris with key capabilities in the emerging performance measurement and management market. With MET, our company is better equipped to empower travellers and traffic management authorities with more accurate and real-time information, and network performance management.”

Iteris will acquire all of the outstanding capital stock of MET for approximately US$4 million in cash, plus up to an additional $2 million under a 24-month earn-out provision.