29-10-2024

Almaviva announces its acquisition of 100% of Iteris, Inc., a US-based company listed on Nasdaq and specializing in digital solutions for the management of intelligent mobility infrastructures, serving both the public and private sectors. A strategic move to diversify markets and clients, accelerate growth in the US, and expand the range of proprietary solutions in the mobility sector.

Marco Tripi, CEO: “The group continues to strengthen its international presence in the IT sector.”

Concurrent issue of a €725 million bond to fully fund the acquisition and repay the pre-existing bond loan, worth €350 million and due in 2026.

“The group’s strategy of strengthening itself and expanding into high-growth and high-tech markets continues,” commented Marco Tripi, CEO of the Almaviva Group. “Following the acquisition of Magna Sistemas in April (now called Almaviva Solutions, a leading IT company in Brazil, known for its innovative digital solutions), this new significant transaction further improves the group's international standing, particularly in the field of sustainable mobility, where Almaviva is already highly competitive, managing important contracts in the Middle East, the UK, North Africa, and various European countries, as well as throughout the American continent.

“We can confidently say that we’re the only Italian tech company that’s implementing a truly global industrial strategy,” added Tripi.

Iteris is a provider of software, digital platforms, and professional and consulting services, as well as a pioneer in the field of intelligent transportation systems technology. Founded in 1969 in California and later incorporated in Delaware in 1987, the company is headquartered in Austin, employs, approximately 425 people, and generates an annual revenues of $180 million. Iteris has a full range of mobility infrastructure management solutions and serves customers in the United States and internationally.

The potential of the acquisition lies in the powerful integration of technology and business: Almaviva has not only expanded its expertise, products, and solutions, but also now has the opportunity to introduce its Made in Italy know-how in the North American market with its proprietary MoovA platform for sustainable mobility and its global skills in the transportation and logistics sector.

The transaction has an estimated equity value of approximately $335 million, with a purchase price of $7.20 per share.