Iteris Receives $13.3 Million Contract from San Francisco Bay Area Metropolitan Transportation Commission

Rhea-AI Summary

Iteris, Inc. (NASDAQ: ITI) has been awarded a $13.3 million contract by the Metropolitan Transportation Commission (MTC) to provide managed services supporting traveler information and toll lane operations in the San Francisco Bay Area. The contract, extending through June 2027, entails Iteris continuing to support MTC's 511 Traveler Information and Bay Area Express Lanes Operations Programs, which includes real-time traffic operations and monitoring of 125 miles of Bay Area Express Lanes on I-680, I-880, and US-101.

Iteris will provide managed services that support traveler information and toll lane operations across San Francisco Bay Area

SANTA ANA, Calif.--(BUSINESS WIRE)-- Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, today announced the Metropolitan Transportation Commission (MTC) has awarded Iteris a $13.3 million contract to continue operational support in the San Francisco Bay Area.

Iteris Receives $13.3 Million Contract from San Francisco Bay Area Metropolitan Transportation Commission. (Photo: Business Wire)

Iteris has been providing key services to the MTC since 2020 and the new contract continues this valuable partnership through June 2027. Under the terms of the contract, Iteris will continue to provide managed services that support the real-time operations for MTC’s 511 Traveler Information and Bay Area Express Lanes Operations Programs.

The 511 Traveler Information Center in Oakland, California, is responsible for collecting, curating, and disseminating traffic information across the Bay Area. The Express Lanes Regional Operations Center, located in San Francisco at the Bay Area Metro Center, is responsible for monitoring and operating 125 miles of Bay Area Express Lanes on I-680, I-880, and US-101, with further expansions anticipated. The nine-county region being serviced has nearly 20,000 miles of local streets and roads, over 1,400 miles of highway, and over two dozen transit agencies.

“We are thrilled to be continuing our successful partnership with the Metropolitan Transportation Commission,” said Dr. Moe Zarean, general manager, mobility operations services at Iteris. “With a project and important partnership that commenced in spring 2020, we’re proud to have provided a flexible business model allowing MTC to continue operations and performance during the uncertain times caused by the COVID-19 pandemic and the need to operate in a remote work environment. From this beginning, the value of our ongoing support and service has proven to be an asset for MTC in any type of environment. Looking ahead, we’re excited for the opportunity to continue improving operational performance, mobility and sustainability these next four years.”

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,” “plans,” “seeks,” “estimates,” “may,” “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 contract and capabilities and benefits of our managed 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 deliver our services timely and in a cost-efficient manner; government funding and budgetary issues and delays; project performance timing; impact of influences and variances of general economic, political, environment, and other conditions in the markets we address; and the potential impact of product and service offerings from competitors and other competitive pressures. 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/20231114590252/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: iti@mkr-group.com

Source: Iteris, Inc.

FAQ

What is the contract awarded to Iteris by the Metropolitan Transportation Commission?

Iteris has been awarded a $13.3 million contract by the Metropolitan Transportation Commission to provide managed services supporting traveler information and toll lane operations in the San Francisco Bay Area.

What services will Iteris continue to provide under the new contract?

Under the new contract, Iteris will continue to provide managed services supporting the real-time operations for MTC’s 511 Traveler Information and Bay Area Express Lanes Operations Programs.

Where is the Express Lanes Regional Operations Center located?

The Express Lanes Regional Operations Center is located in San Francisco at the Bay Area Metro Center and is responsible for monitoring and operating 125 miles of Bay Area Express Lanes on I-680, I-880, and US-101.

What region does the contract cover?

The nine-county region being serviced has nearly 20,000 miles of local streets and roads, over 1,400 miles of highway, and over two dozen transit agencies.

Who is the general manager of mobility operations services at Iteris?

Dr. Moe Zarean is the general manager of mobility operations services at Iteris.