US smart-city software program firm Iteris has bought to Italian outfit Almaviva Group for $335 million. Iteris gives infrastructure administration options and consultancy. The deal covers one hundred pc of its Nasdaq capital, priced at $7.20 per share, and is funded by a €725 million bond (with a good worth of about $784 million) on the Luxembourg Inventory Change (Euro MTF), with a 5 p.c rate of interest, maturing in 2030. As a part of the bond concern, Almaviva Group has additionally settled a €350 million bond ($378 million), which had been due for compensation in 2026.
Iteris will now not be listed, as of the deal’s shut. The agency, based in California in 1969, now primarily based in Texas, has annual income of $180 million, and employs round 425 employees. It sells to native and nationwide governments, private and non-private companies, and different transport infrastructure suppliers – to “monitor, handle, and optimise mobility methods”. It serves purchasers in its house market, and likewise internationally. It should proceed as a separate authorized entity, and likewise retain its model. Its current administration crew, together with president and chief government Joe Bergera will likely be retained.
Almaviva Group gives system integration through 30 totally different portfolio corporations around the globe. It has 79 places of work, together with in Latin America (Brazil, Colombia, Dominican Republic), Europe (Belgium, Finland, Spain,) and the Center East and Africa (Egypt, Saudi Arabia, Tunisia, the UAE). Its focus is on transport, logistics, agriculture, healthcare, defence, vitality, utilities, finance, and industrial sectors. Iteris will slot into its transportation and logistics portfolio. It should introduce its proprietary Moova mobility platform and “Italian know-how” within the North American market, it mentioned. The deal will “broaden markets, increase shopper base, and drive US progress”, it added.
Marco Tripi, chief government at Almaviva Group, mentioned: “This acquisition displays Almaviva Group’s ongoing technique to strengthen its presence in high-growth, technology-driven markets. [It] enhances our worldwide standing, significantly within the sustainable mobility sector. Almaviva is already main vital mobility initiatives throughout the Center East, the UK, varied European nations, the Americas, and North Africa. We’re proud to be the one Italian tech firm pursuing a very international industrial technique, with a powerful give attention to increasing our footprint within the US.”
Bergera mentioned: “Leveraging Almaviva’s international community and deep experience in transportation and different sectors, we’ll proceed to construct on our confirmed ClearMobility platform, increase our choices and speed up innovation. Above all, becoming a member of Almaviva permits us to reinforce the worth we deliver to [customers], offering… a broader portfolio of options and the identical devoted care and help.”
