Iteris Awarded New Task Order Funding by Federal Highway Administration to Support Smart Mobility and Accessibility Initiative

Rhea-AI Summary

Iteris, a leader in smart mobility infrastructure, has secured a new task order under a $19.5 million IDIQ contract with the Federal Highway Administration. This task focuses on a multimodal travel assessment to enhance accessibility and interoperability in mobility services. The funding commitment has reached $15.5 million so far. Iteris aims to improve travel options, particularly for underserved populations, aligning its efforts with the US Department of Transportation goals.

Positive

• Secured a new task order under a $19.5 million IDIQ contract.
• Total funding obligated under the contract has reached $15.5 million.
• Focus on enhancing mobility services for underserved populations.

Negative

• None.

Agreement Represents Third Task Order Under $19.5 Million IDIQ Contract

• New task order will see Iteris conduct a multimodal and accessible travel assessment of existing and developing standards for equitable, accessible, interoperable and quality mobility services support.
• Iteris has assembled a team of ITS and accessible mobility experts that bring insights into the applicable architecture and standards activities.
• Project expands the scope of Iteris’ role as trusted advisor to US Department of Transportation. 

SANTA ANA, Calif.--(BUSINESS WIRE)-- Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, today announced that it has received funding under its indefinite delivery/indefinite quantity (IDIQ) contract from the Federal Highway Administration (FHWA) for a smart mobility and accessibility initiative, representing continued demand for Iteris’ mobility consulting services.

Iteris Awarded New Task Order Funding by Federal Highway Administration to Support Smart Mobility and Accessibility Initiative (Photo: Business Wire)

Under the new task order agreement, which is part of a five-year IDIQ contract with a contract ceiling of up to $19.5 million, Iteris will leverage its expertise with the Architecture Reference for Cooperative and Intelligent Transportation (ARC-IT) content, as well as intelligent transportation systems (ITS) standards, to conduct an assessment of the gaps that exist in the architecture and standards environment that need to be addressed for multimodal and accessible travel (MAT). With this additional task order, the FHWA has now obligated $15.5 million in funding under this contract.

Technology is evolving and advancing to address the gaps and create continuity in transportation services, including first mile/last mile transportation that gets a traveler to and from their residence, connecting to broader transit systems, and to their destination. These technologies support multimodal transportation planning, payment, and connectivity that provides a complete journey.

The program supports statewide and regional ITS planning and deployment to encourage interoperability and connected and automated vehicle preparedness through workshops, training and technical assistance. An important aspect of the program is alignment with and support for standards development activities, as well as international coordination of ITS architecture, and standards concepts and approaches.

“Iteris is honored to continue our activities in support of the US Department of Transportation’s efforts to improve safety and mobility. This new task order will address multimodal and accessible travel, which has benefits to all travelers but most importantly, those underserved populations such as the elderly and disabled who need seamless start-to-finish transportation options,” said Cliff Heise, regional vice president Mobility Professional Services at Iteris. “Iteris is privileged to have had the opportunity to lead the development and evolution of the U.S. ITS architecture reference over the past three decades, and this is an opportunity to further that evolution to address a critical need in accessible travel.”

About Iteris, Inc.

Iteris is the world’s trusted technology ecosystem for smart mobility infrastructure management. Delivered through Iteris’ ClearMobility Platform, our cloud-enabled end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world, and help bridge legacy technology silos to unlock the future of transportation. That’s why more than 10,000 public agencies and private-sector enterprises focused on mobility rely on Iteris every day. 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," "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, the awarded task order agreement and our mobility consulting services. 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; agency funding and budgetary allocations and constraints; utilization needs of the agency for the services subject to the contract (e.g., seasonality); impact of adverse influences and variances of general economic, political, environmental, and other conditions; performance timing and cancellation of task orders; 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/20220504005397/en/

Media Contact

P-A Rebeyrat

Tel: (949) 270-9655

Email: PRebeyrat@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 Iteris' recent contract with the Federal Highway Administration about?

Iteris has received a new task order for a multimodal travel assessment under its $19.5 million IDIQ contract with the Federal Highway Administration.

How much funding has Iteris received for the IDIQ contract?

Iteris has received a total of $15.5 million in funding under the IDIQ contract with the Federal Highway Administration.

What are the objectives of Iteris' new task order?

The new task order aims to enhance accessibility and interoperability in mobility services, particularly for underserved populations.

What is the significance of the multimodal travel assessment for Iteris?

The multimodal travel assessment will help Iteris expand its role as a trusted advisor to the US Department of Transportation.