Iteris Awarded $1.2 Million Texas DOT IDIQ Contract for Smart Mobility and Traffic Engineering Services

Rhea-AI Summary

Iteris, Inc. (NASDAQ: ITI) has secured a three-year indefinite delivery/indefinite quantity (IDIQ) contract from the Texas Department of Transportation (TxDOT) valued at up to $1.2 million. This contract emphasizes Iteris' growing role in smart mobility infrastructure, specifically for traffic signal timing improvements in Houston, which has over 1,000 signalized intersections. This win marks the fourth TxDOT IDIQ contract awarded to Iteris within three years, contributing to a growing backlog exceeding $9.3 million from various TxDOT contracts over the past five years.

Positive

• Awarded a three-year IDIQ contract by TxDOT valued at up to $1.2 million.
• Expands traffic engineering work to another TxDOT district.
• Total potential TxDOT backlog exceeds $9.3 million from six IDIQ contracts.

Negative

• None.

Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it has been awarded a three-year indefinite delivery/indefinite quantity (IDIQ) contract by the Texas Department of Transportation (TxDOT), with a potential value of up to $1.2 million, representing continued demand for Iteris’ specialized consulting services in a key geographic market.

Iteris Awarded $1.2 Million Texas DOT IDIQ Contract for Smart Mobility and Traffic Engineering Services (Photo: Business Wire)

The three-year program includes traffic signal timing improvements at key intersections throughout the Houston district, one of the country’s largest metropolitan areas, which houses over 1,000 signalized intersections.

“We are proud to be selected again by TxDOT to support important infrastructure projects in the state of Texas, one of the largest and most progressive transportation markets in the U.S.,” said Scott Carlson, regional vice president, Transportation Systems at Iteris. “Texas is a key strategic market for Iteris and, with this being the fourth TxDOT IDIQ awarded to Iteris in the past three years, we expect to further expand our share of specialized consulting, managed services and software-as-a-service revenue in the state.”

With this contract, which was awarded in December 2020, Iteris expands its current traffic engineering and smart mobility work to another TxDOT district, for a total potential TxDOT backlog of over $9.3 million from six IDIQ contracts awarded over the past five years.

In May 2019, Iteris was awarded an IDIQ contract from TxDOT for traffic signal timing, traffic signal operations and signal communication analysis in the Austin district. That contract was a three-year commitment with a potential value of up to $2 million.

In June 2020, Iteris was awarded a $1 million contract by the City of Round Rock to provide mobility intelligence solutions and video detection technology updates throughout the Texas city.

About Iteris, Inc.

Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. Visit www.iteris.com for more information and join the conversation on Twitter, LinkedIn and Facebook.

Iteris Forward-Looking Statements

This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," “feels,” “anticipates,” "expects," "intends," "plans," "seeks," "estimates," "may," “should,” "will," "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the success, impact, and benefits of the awarded contract. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict, and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited to, our ability to successfully perform the services on a cost-effective basis; government funding and budgetary delays, constraints and issues; adverse impacts related to performance timing and cancellation of an awarded contract; adverse impacts of general economic, political, and other conditions in the markets we address; and the potential impact of product and service offerings from competitors. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC’s website (www.sec.gov).

View source version on businesswire.com: https://www.businesswire.com/news/home/20210316005181/en/

FAQ

What is the value of the contract awarded to Iteris by TxDOT?

The contract awarded to Iteris by TxDOT is valued at up to $1.2 million.

How many IDIQ contracts has Iteris been awarded by TxDOT in recent years?

Iteris has been awarded four IDIQ contracts by TxDOT in the past three years.

What improvements will Iteris implement with the new TxDOT contract?

Iteris will implement traffic signal timing improvements at key intersections throughout the Houston district.

What is the potential backlog for Iteris from TxDOT contracts?

The total potential backlog for Iteris from TxDOT contracts exceeds $9.3 million.