AgroPages-Iteris announces closing of acquisition of Albeck Gerken-Agricultural news

Iteris, Inc. announced the completion of its previously announced acquisition of Albeck Gerken, Inc., a privately held traffic operations engineering services provider headquartered in Tampa, Florida, with offices in Orlando (FL), Virginia Beach (VA) and Chadds Ford (PA).

Albeck Gerken will operate as a wholly owned subsidiary of Iteris, with the former Albeck Gerken employees being aligned with Iteris’ Transportation Systems business segment.

“We are excited to complete this transaction and move forward with the process of integrating Albeck Gerken into the Iteris family,” said Ramin Massoumi, senior vice president and general manager, Transportation Systems at Iteris. “Albeck Gerken’s highly respected team of traffic operations engineering and consulting experts will join an equally respected team of experts in planning, signal operation, and intelligent transportation systems (ITS) design, integration and data analytics. The combined teams will provide unparalleled capabilities to improve safety and mobility for road users in Florida, the Midwest and Mid-Atlantic.”

“I am thrilled to announce the completion of Albeck Gerken’s acquisition by Iteris and the start of our employees’ integration into the Iteris family,” said Jeff Gerken, president of Albeck Gerken. “Albeck Gerken’s extensive traffic engineering and consulting experience will continue to improve the lives of Florida citizens and travelers, as well as road users in the Midwest and Mid-Atlantic, through enhanced arterial traffic operations and safety.”

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, 2018, Albeck Gerken’s audited GAAP revenue was $8.1 million and EBITDA was $2.0 million.