*NEWS: Iteris Announces Closing of Acquisition of Albeck Gerken
A startup that developed applied informatics for transportation and agriculture has completed its $10.7 million acquisition of Albeck Gerken, a traffic operations engineering services provider with HQ in Florida.
Iteris said in a July 2 press release that Albeck Gerken will operate as a wholly owned subsidiary, with the former Albeck Gerken employees being aligned with Iteris’ transportation systems business segment.
The acquisition closed for a total purchase price of $10.7 million in cash and stock, with the ability for key principals to realize an additional $2.3 million in other incentives over three years from the date of close.
For the fiscal year ending December 31, Albeck Gerken’s audited GAAP revenue was $8.1 million and EBITDA was $2.0 million.
Iteris collects, aggregates and analyzes data on traffic, roads, weather, water, soil and crops to generate precise informatics for transportation and farming.
Municipalities, government agencies, crop science companies, farmers and agronomists around the world use its tools.
Joe Bergera is the CEO of Iteris.