Iteris Selected by Virginia Department of Transportation for Intelligent Transportation System Operations, Planning and Support Services

Rhea-AI Summary

Iteris, awarded a three-year open-ended on-call contract by the Virginia Department of Transportation (VDOT), aims to enhance transportation safety and mobility in the Mid-Atlantic region. The contract, which has an unlimited ceiling and is renewable for two additional years, involves support for transportation system operations, connected vehicle programs, and integrated corridor management. This deal signals ongoing demand for Iteris' consulting services, potentially opening avenues for federal funding under the Infrastructure Investment and Jobs Act to bolster infrastructure improvements.

Positive

• Awarded a three-year open-ended on-call contract by VDOT, indicating strong demand for mobility consulting services.
• Potential eligibility for federal funding through the Infrastructure Investment and Jobs Act to enhance infrastructure systems.

Negative

• None.

New Three-year On-Call Agreement With Unlimited Ceiling Expands Company’s Market Penetration in Mid-Atlantic

• Program leverages Iteris’ smart mobility infrastructure management expertise and resources to support region’s goal of improving safety and mobility for all road users, while increasing sustainability.

• Iteris will deliver services including transportation system operations and management, connected and automated vehicle program support, and ITS planning under an open-ended on-call contract.

• Deal represents continued demand for Iteris’ mobility consulting services in a key geographic market.

RICHMOND, Va.--(BUSINESS WIRE)-- Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, today announced that it has been awarded an open-ended on-call contract by the Virginia Department of Transportation (VDOT) for intelligent transportation system (ITS) operations, planning and support services, representing continued demand for Iteris’ mobility consulting services in a key geographic market.

Iteris Selected by Virginia Department of Transportation for Intelligent Transportation System Operations, Planning and Support Services (Photo: Business Wire)

Under the terms of the three-year contract, which has an unlimited ceiling and is renewable for two one-year extensions, Iteris will provide: on-call technical and administrative support in transportation system operations and management (TSO&M); ITS planning; connected and automated vehicle (CAV) program support; expansion of mobile applications development and integration for data sharing; integrated corridor management development; transportation operational services; traffic analysis and safety; and related program support services for VDOT on a state-wide basis.

This contract is federally approved and could be eligible for federal funds, including program budget authorized under the Infrastructure Investment and Jobs Act (IIJA) to improve the condition of infrastructure systems across the country.

“We are thrilled that VDOT is demonstrating its continued commitment to improving safety, mobility and sustainability in the Commonwealth of Virginia,” said Dr. Moe Zarean, general manager, Mobility Operations Services at Iteris. “This initiative represents the continued expansion of Iteris’ mobility consulting services in the Mid-Atlantic, and will ultimately help to increase the value, effectiveness and resilience of the region’s existing transportation infrastructure, while also improving air quality and reducing fuel consumption through improved traffic operations.”

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, statements about the awarded contract and capabilities and benefits of our specialized 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 provide our services in a cost-efficient manner; government funding and budgetary delays, issues and timing; the potential impact of product and service offerings from competitors and other competitive pressures; challenges in the development of software-based solutions generally; and the impact 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/20220413005114/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 contract awarded to ITI by VDOT?

Iteris has been awarded a three-year open-ended on-call contract by the Virginia Department of Transportation for intelligent transportation system operations and planning services.

What services will ITI provide under the VDOT contract?

Iteris will provide support for transportation system operations, connected and automated vehicle programs, traffic analysis, and integrated corridor management.

What is the significance of the contract for ITI's market position?

The contract demonstrates continued demand for Iteris' consulting services in the Mid-Atlantic region, expanding their market penetration.

Is the contract awarded to ITI eligible for federal funding?

Yes, the contract could be eligible for federal funds under the Infrastructure Investment and Jobs Act.

How does the VDOT contract impact ITI's business growth?

This contract could enhance Iteris' business growth by increasing the effectiveness and resilience of transportation infrastructure, attracting more projects.