Iteris Buys Traffic Management Company in BerkeleyMonday, October 31, 2011
Santa Ana-based Iteris Inc., which makes traffic-management sensors, systems and other gear, has acquired a Northern California company that analyzes transportation systems.
Iteris said Monday it plans to buy privately-held Berkeley Transportation Systems Inc for an undisclosed sum.
The transaction is expected to close this week, executives said.
BTS collects real-time data such as stops, delays and travel times to measure the effectiveness of transportation systems.
Clients include the transportation departments of California, Utah, Spokane, Wash., Los Angeles and the City of Carson. It also contracts with universities, researchers and transportation consultants.
Investors looked past the news of the acquisition and sent thinly traded shares of Iteris down more than 7% in afternoon New York trading to a market value of about $44 million.
The buy compliments Iteris’ software suite while providing a base to grow business, according to President and CEO Abbas Mohaddes.
BTS was established in 1998 and employs 11 computer science and transportation engineering specialists.
Iteris sees yearly sales of about $60 million.