Almaviva Acquires Iteris for $335M to Boost Mobility Solutions

Published on November 11, 2024

Following an annoucement in August this year, Italian system integrator Almaviva Group has acquired U.S.-based smart-city software company Iteris for $335 million, purchasing 100% of its Nasdaq-listed shares at $7.20 per share. The deal is backed by a €725 million bond maturing in 2030, and Almaviva also settled a €350 million bond originally due in 2026. Iteris, founded in 1969, generates $180 million in annual revenue and serves government and private clients with mobility solutions. It will continue as a separate entity under its existing leadership, led by CEO Joe Bergera. Almaviva aims to expand Iteris’ offerings in North America through its proprietary Moova mobility platform, enhancing its transportation and logistics portfolio.

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