Iteris Awarded $6.8 Million Subcontract by Parsons Corporation to Deliver Vehicle-to-Infrastructure Connected Bus Signal Priority System for Los Angeles County Metropolitan Transportation Authority

Rhea-AI Summary

Iteris has secured a $6.8 million subcontract from Parsons Corporation to enhance the NextGen bus signal priority system for Los Angeles County Metropolitan Transportation Authority. This three-year project will expand connected bus signal priority technology across 88 intersections, supporting nearly 10 million riders annually in the Greater LA area. The deployment will increase total intersections served by Iteris' solutions to over 600 and is expected to complete in 34 months.

Positive

• Secured a $6.8 million subcontract, enhancing revenue potential.
• Expands total deployments of bus signal priority systems to over 600 intersections.
• Improvements in public transit efficiency and safety via advanced technology.

Negative

• None.

Three-year Program will Upgrade and Expand LA Metro’s NextGen BSP System in Largest Project of its Kind in the Nation

• Iteris will enhance connected bus signal priority technology for Greater LA area, which serves nearly 10 million LA Metro riders a year, covering over 83 square miles of Los Angeles County communities.
• Project, led by Parsons Corporation, represents Iteris’ commitment to leveraging vehicle-to-infrastructure (V2X) technology and cloud-enabled managed services to improve safety, efficiency and sustainability for public transit networks nationwide.
• Program brings total deployments of Iteris transit signal priority services to over 600 signalized intersections in the region.

SANTA ANA, Calif.--(BUSINESS WIRE)-- Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it has been awarded a $6.8 million subcontract by Parsons Corporation (NYSE: PSN) to provide design, implementation and integration support for the upgrade and expansion of the Los Angeles County Metropolitan Transportation Authority (LA Metro) NextGen bus signal priority (BSP) system, representing the continued expansion of Iteris’ BSP solutions in southern California, a key geographic market.

Iteris Awarded $6.8 Million Subcontract by Parsons Corporation to Deliver Vehicle-to-Infrastructure Connected Bus Signal Priority System for Los Angeles County Metropolitan Transportation Authority (Photo: Business Wire)

Under the terms of the three-year subcontract agreement, with Parsons Corporation, Iteris will provide design services, procurement, integration and testing, and make operational the new vehicle-to-infrastructure (V2X)-enabled BSP system at an additional 88 signalized intersections along key corridors in the Greater Los Angeles area.

This project will upgrade and expand the largest signal priority project in the nation, and brings total deployments of Iteris’ BSP connected bus solutions to over 600 signalized intersections in the region.

The V2X-enabled BSP system will leverage existing on-bus priority request systems that incorporate GPS-based automatic vehicle location equipment, wireless communications and advanced intersection traffic controller technologies that provide intersection-based priority granting capabilities. This new deployment of the Countywide Signal Priority system is anticipated to be completed within 34 months.

In addition, Iteris will leverage its newly launched asset management service for intersections and arterials to track and maintain the inventory and condition of equipment deployed in the field or warehoused, conduct lifecycle analysis, and monitor asset performance over time.

“Improving safety, efficiency and sustainability for all modes of transportation is a priority for Iteris, and the cities and state agencies with which we work throughout the U.S.,” said Scott Carlson, vice president and general manager, Mobility Professional Services at Iteris. “Our commitment to and continued involvement with LA Metro’s Countywide Signal Priority Program is a testament to the efficiency of our vehicle-to-infrastructure approach to mitigate traffic congestion and improve the environment throughout southern California metropolitan areas, as well as nationwide.”

Iteris’ asset management service for intersections and arterials is a key component of the ClearMobility™ Platform, the world’s most complete solution to continuously monitor, visualize and optimize mobility infrastructure. ClearMobility applies cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to help ensure roads are safe, travel is efficient, and communities thrive.

LA Metro is one of the largest public transportation agencies in the country, serving nearly 10 million transit riders a year, covering over 83 square miles of Los Angeles County communities.

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," "anticipates," “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, impacts, and benefits of the awarded contract and statements about our consulting and managed services and ClearMobility platform. 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 contract 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 and such competitors’ patent coverage and claims. 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/20220111005260/en/

Media Contact

David Sadeghi

Tel: (949) 270-9523

Email: dsadeghi@iteris.com

Investor Relations

MKR Investor Relations, Inc.

Todd Kehrli

Tel: (213) 277-5550

Email: iti@mkr-group.com

Source: Iteris, Inc.

FAQ

What is the value of the subcontract awarded to Iteris by Parsons Corporation?

The subcontract awarded to Iteris is valued at $6.8 million.

How many intersections will the new bus signal priority system cover?

The new system will cover an additional 88 intersections in the Greater Los Angeles area.

What impact does the project have on public transit in Los Angeles?

The project aims to improve safety, efficiency, and sustainability for nearly 10 million LA Metro riders each year.

What is the expected completion time for the bus signal priority system upgrade?

The project is expected to be completed within 34 months.

What technology will Iteris leverage for this project?

Iteris will leverage vehicle-to-infrastructure (V2X) technology for the upgrade.