Iteris Announces Closing of Acquisition of Albeck Gerken

▤ Summary

SANTA ANA, Calif.--(BUSINESS WIRE)--Iteris, Inc. (NASDAQ: ITI), the global leader in applied informatics for transportation and agriculture, today announced the completion of its previously announced acquisition of Albeck Gerken, Inc., a privately held traffic operations engineering services provider headquartered in Tampa, Florida, with offices in Orlando (FL), Virginia Beach (VA) and Chadds Ford (PA). The combined teams will provide unparalleled capabilities to improve safety and mobility for road users in Florida, the Midwest and Mid-Atlantic.” “I am thrilled to announce the completion of Albeck Gerken’s acquisition by Iteris and the start of our employees’ integration into the Iteris family,” said Jeff Gerken, president of Albeck Gerken. “Albeck Gerken’s extensive traffic engineering and consulting experience will continue to improve the lives of Florida citizens and travelers, as well as road users in the Midwest and Mid-Atlantic, through enhanced arterial traffic operations and safety.” The acquisition closed for a total purchase price of $10.7 million in cash and stock, with the ability for key principals to realize an additional $2.3 million in other incentives over three years from the date of close. We collect, aggregate and analyze data on traffic, roads, weather, water, soil and crops to generate precise informatics that lead to safer transportation and smarter farming. Municipalities, government agencies, crop science companies, farmers and agronomists around the world use our solutions to make roads safer and travel more efficient, as well as farmlands more sustainable, healthy and productive.

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Iteris, Inc.

$100M to $250M