Italian digital innovation group Almaviva has acquired 100% of the share capital of smart mobility infrastructure management solution company Iteris, with the US acquiree providing its North American public and private sector client base.
Iteris provides intelligent transportation systems, offers software, digital platforms, and professional consultation services and has an annual revenue of $18om (£136m).
Almaviva hopes to use Iteris’ expertise to help public transit agencies, municipalities, commercial entities, and other transportation infrastructure providers to monitor, manage, and optimise mobility systems, making them safer, more efficient, and sustainable.
To finance this acquisition, Almaviva has issued a bond listed on the Luxembourg Stock Exchange, trading on the Euro MTF market, with a total nominal value of $784m (£603m), maturing in 2030.
Proceeds from the bond will finance support the refinancing of Almaviva’s existing $378m (£291m) bond maturing in 2026.
CEO of Almaviva Group Marco Tripi said: “This acquisition reflects Almaviva Group’s ongoing strategy to strengthen its presence in high-growth, technology-driven markets.
“Almaviva is already leading significant mobility projects across the Middle East, the UK, various European countries, the Americas, and North Africa.
“We are proud to be the only Italian tech company pursuing a truly global industrial strategy, with a strong focus on expanding our footprint in the United States.”
Achievements and innovations in intelligent transport systems will be celebrated at the third annual CiTTi Awards, which will be held on 26 November 2024 at De Vere Grand Connaught Rooms in London. Visit www.cittiawards.co.uk to learn more about this unmissable event for the UK’s transportation sector – and to book your table!
