Almaviva completes $335m acquisition of Iteris

Almaviva has completed the $335m acquisition of traffic management company Iteris.

The Italian digital specialist is keen to expand its footprint in the US. 

Iteris has a turnover of around $180 million. It was founded in 1969 in California and is headquartered in Austin, Texas.

CEO Joe Bergera insists: "While our ownership has changed, our dedication to supporting our customers and industry partners—and the way we work alongside them—remains unwavering."

Iteris will remain a separate legal entity and will retain its brand as part of Almaviva’s portfolio.

Bergera adds: "I’m staying on as president and CEO, along with Iteris’ existing management team."

"One of the most notable benefits from this transaction is our access to exciting new resources. Leveraging Almaviva’s global network and deep expertise in transportation and other sectors, we will continue to build on our proven ClearMobility platform, expand our offerings and accelerate innovation."

“This acquisition reflects Almaviva Group’s ongoing strategy to strengthen its presence in high-growth,

technology-driven markets,” says Almaviva CEO Marco Tripi.

“This new strategic move enhances our international standing, particularly in the sustainable mobility sector. Almaviva is already

leading significant mobility projects across the Middle East, the UK, various European countries, the Americas, and North Africa."

Almaviva will introduce its proprietary Moova sustainable mobility platform to the North American market.

To finance the acquisition, Almaviva has issued a bond listed on the Luxembourg Stock Exchange, trading on the Euro

MTF market, with a total nominal value of €725 million ($784m), maturing in 2030. 

The bond is issued at 100% of its nominal value and carries an annual interest rate of 5%, with semi-annual coupon payments.