Iteris Expands Presence in Illinois with Two Contracts for Traffic Signal Coordination and Timing Initiatives

Rhea-AI Summary

Iteris, Inc. (NASDAQ: ITI) has been awarded contracts for traffic engineering, signal coordination, and signal timing services for two Illinois-based transportation agencies, with a combined value of approximately $6.0M. The contracts aim to improve safety, mobility, and sustainability by reducing stops and traffic congestion, minimizing delays, and reducing emissions from vehicles. These contracts further solidify Iteris' presence in the Midwest region and enhance its large presence in the Chicago suburban area.

Multi-year programs leverage Iteris’ traffic signal operations expertise to support agency goals of improving sustainability and travel for residents and visitors

GENEVA, Ill.--(BUSINESS WIRE)-- Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, today announced it has been awarded contracts for traffic engineering, signal coordination and signal timing services for two Illinois-based transportation agencies; one with Illinois Department of Transportation (IDOT) Districts 2, 3, 4, and 5 and the other with Lake County Division of Transportation.

Iteris Expands Presence in Illinois with Two Contracts for Traffic Signal Coordination and Timing Initiatives (Photo: Business Wire)

These new contracts provide funding to identify innovative traffic signal retiming techniques to improve safety and mobility, reduce stops and traffic congestion, and increase sustainability. By minimizing delays and stops on key corridors, these efforts will help reduce emissions from vehicles—a key goal of IDOT’s 2023 sustainability initiatives.

Iteris’ strong local expertise in signal retiming and traffic engineering creates a unique position to develop and provide traffic signal timing plans, on-call traffic operations, time-of-day plan recommendations, safety analyses, and more.

With these most recent awards, the current combined value of Iteris’ contracts with IDOT will total approximately $6.0M. Additionally, Iteris will become the only consulting firm with traffic engineering expertise to maintain active traffic signal operations contracts with all nine IDOT districts.

Iteris’ Geneva, IL office was established in 2018 and local staff currently manage active ITS, traffic engineering, and design projects in Illinois, Missouri, Kansas, Minnesota, and Indiana. These two new projects enhance Iteris’ large presence in the Chicago suburban area and represent continued expansion in the Midwest.

“We’re honored to be awarded these contracts, and to serve as a go-to consultant for our Illinois clients,” said Cliff Heise, regional vice president, mobility professional services at Iteris. “These opportunities expand our presence in the Midwest region and beyond, and we look forward to continue delivering innovative ways to help these agencies meet their sustainability goals.”

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," “feels,” "anticipates," "expects," "intends," “outlooks,” “target,” "plans," "seeks," "estimates," "may," “would,” “could,” “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 awarded contracts and benefits and impacts of our 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 our services in a cost-efficient manner; government funding and budgetary delays, constraints and issues; adverse impacts of performance timing and project and contract cancellations; and adverse impacts of general economic, political, and other conditions in the markets we address. 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/20240123422462/en/

Media Contact

Breanna Wallace

Tel: (949) 996-5348

Email: brwallace@iteris.com

Investor Relations

MKR Investor Relations, Inc.

Todd Kehrli

Tel: (213) 277-5550

Email: todd@mkrir.com

Source: Iteris, Inc.

FAQ

What contracts has Iteris, Inc. (ITI) been awarded recently?

Iteris, Inc. (ITI) has been awarded contracts for traffic engineering, signal coordination, and signal timing services for two Illinois-based transportation agencies.

What is the combined value of the contracts awarded to Iteris, Inc. (ITI)?

The combined value of the contracts awarded to Iteris, Inc. (ITI) is approximately $6.0M.

What are the goals of the contracts awarded to Iteris, Inc. (ITI)?

The goals of the contracts awarded to Iteris, Inc. (ITI) are to improve safety, mobility, and sustainability by reducing stops and traffic congestion, minimizing delays, and reducing emissions from vehicles.

Where is Iteris, Inc. (ITI) expanding its presence?

Iteris, Inc. (ITI) is expanding its presence in the Midwest region and enhancing its large presence in the Chicago suburban area.