Santa Ana-based Iteris, Inc. (Nasdaq: ITI), which provides high-tech systems and sensors to improve traffic flow and safety, said it has purchased TrafficCast International, Inc., a Wisconsin-based firm that provides travel information technology, applications and content.
Iteris acquired TrafficCast for a total purchase price of $16 million to be paid in cash, with a $1 million earn-out over two years based on achievement of certain revenue targets, according to a statement from Iteris.
Madison-based TrafficCast provides the information and services to media, mobile technology, automotive and public sector customers throughout North America.
Iteris rose 0.4% to $5.32 per share for a market cap of $219 million.
