Wednesday, July 3, 2019

Iteris Closes Albeck Gerken Acquisition

Santa Ana-based Iteris, which provides and provides data and analysis of transportation and agricultural information, has completed its acquisition of Albeck Gerken, a provider of traffic operations engineering services. Albeck Gerken was based in Tampa, Florida. Iteris paid $10.7M in cash and stock for Albeck Gerken, in a deal which also includes up to $2.3M in earnout for key principals of Albeck Gerken. Iteris said the deal will help boost its capabilities in Florida, the Midwest, and Mid-Atlantic. ALbeck Gerken had audited GAAP revenues of $8.1M for the year ending December 31, 2018.

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