Traffic management development company Iteris has reached agreement to acquire Meridian Environmental Technology Inc., through a stock-purchase.
Meridian (MET) is a privately held company based in Grand Forks, ND, providing 511 advanced traveler information systems as well as a maintenance decision support system (MDSS) management tools that allow users to create solutions to meet roadway maintenance decision needs.
“This acquisition commences a key element of our accelerated growth strategy targeting synergistic companies that enhance our IP,” said Abbas Mohaddes, president & CEO of Iteris. “In addition to an attractive customer base within weather and traveler information systems, MET provides Iteris with key capabilities in the emerging performance measurement and management market. With MET, our company is better equipped to empower travelers and traffic management authorities with more accurate and real-time information, and network performance management.”
Meridian’s MDSS provides detailed and accurate information at the route level enabling the efficient maintenance of roads and highways while optimizing resource use and reducing costs.
Under the agreement, Iteris will acquire all of the outstanding capital stock of MET for approximately $4 million in cash, plus up to an additional $2 million under a 24-month earn-out provision. The acquisition is expected to be immediately accretive to earnings.
Iteris develops advanced technologies that reduce traffic congestion through intelligent transportation systems and driver safety solutions.
