Iteris buys travel technology firm TrafficCast for $16 mn

Iteris, a global leader in smart mobility infrastructure management, has agreed to acquire TrafficCast International that provides travel information technology, for $16 million.
Iteris for travel technologyMadison, Wisconsin-based TrafficCast recorded trailing 12-month revenue of $14.6 million and adjusted EBITDA of $1.2 million for the period ending September 30, 2020. Approximately 60 percent of the company’s total sales is related to its software products and is reported as annual recurring revenue.

TrafficCast operates two lines of business – commercial and public sector – each of which contributes about 50 percent of total revenue.

Its commercial line of business develops software that collects, filters, and models real-time traveler information and traffic incident data for global media companies and other commercial customers. Its public sector line of business provides sensors and related software that help state and local agencies measure, visualize, and manage traffic flow.

Joe Bergera, president and CEO of Iteris, said: “This acquisition further enhances Iteris’ leadership in the smart mobility infrastructure management market and provides us a strategic position in related commercial markets.”