Iteris completes acquisition by Almaviva
Image by Freepik
Iteris has announced the closing of its previously announced agreement to be acquired by Almaviva. Iteris’ common stock has ceased trading on the NASDAQ and Iteris will no longer be listed on any public market effective as of the closing.
As part of Almaviva, Iteris will continue to operate as a separate legal entity and will retain its brand. Additionally, the company will continue to be led by the president and CEO Joe Bergera and Iteris’ existing management team.
“We are thrilled to join Almaviva’s portfolio of leading digital innovation companies,” said Joe Bergera, the president and CEO of Iteris. “While our ownership has changed, our commitment to our customers and the way we serve them has not. Using Almaviva’s global network and deep expertise in transportation and other sectors, we now have access to exciting new resources to continue to build on our proven ClearMobility platform, expand our offerings and accelerate innovation. We look forward to continuing to pioneer digital mobility solutions, providing customers a broader portfolio of solutions and enhancing value for our stakeholders in North America and around the world.”
More than 98% of the shares of Iteris common stock present, in person or by proxy at the Special Meeting representing approximately 71% of Iteris’ total issued and outstanding shares of common stock as of the record date, voted in favor of the merger agreement and transaction. Detailed results of the stockholder vote were disclosed in a Form 8-K filed by the Company with the U.S. Securities and Exchange Commission on October 23, 2024.
Comment on this article below or via X: @IoTGN and visit our website IoT Global Network