Iteris Selected by Virginia Department of Transportation for Connected and Automated Vehicle Initiative

Rhea-AI Summary

Iteris has been awarded a sub-contract by the Virginia Department of Transportation (VDOT) to develop a connected and automated vehicle (CAV) data strategic plan. This initiative marks the first of its kind in Virginia and aims to support VDOT's transition to future transportation systems management. The project will help VDOT enhance its understanding of CAV data needs and improve safety and congestion management. Iteris' involvement highlights the ongoing demand for its specialized consulting services within this key geographic market.

Positive

• Awarded a sub-contract by VDOT for CAV related planning services, indicating market demand.
• Project enhances Iteris' credibility as a leader in smart mobility infrastructure management.

Negative

• None.

Project is First of its Kind in Commonwealth of Virginia

• Program leverages Iteris’ smart mobility infrastructure management expertise to support the state’s goal of keeping pace with advancements in connected and automated vehicle (CAV) technologies to ensure an efficient transition to future of transportation systems management and operations (TSMO).
• Iteris will deliver a CAV data strategic plan to assist VDOT staff in understanding how the state can accommodate current and future data needs to manage congestion, improve safety and enhance CAV readiness.
• Deal represents continued demand for Iteris’ specialized 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 a sub-contract by the Virginia Department of Transportation (VDOT) for connected and automated vehicle (CAV) related planning services, representing continued demand for Iteris’ specialized consulting services in a key geographic market.

Iteris Selected by Virginia Department of Transportation for Connected and Automated Vehicle Initiative (Photo: Business Wire)

The project supports VDOT’s initiative to keep pace with advancements in CAV technologies. The goal is to ensure an efficient transition to future transportation systems management and operations. This is achieved through an understanding of CAV data needs, cybersecurity and privacy risks, technology trends, and the potential for altering the transportation data paradigm.

Under the terms of the sub-contract, Iteris will deliver a CAV data strategic plan to help VDOT gain a high-level understanding of how to integrate CAV data from external sources into VDOT’s information technology (IT) and operations technology (OT) related systems. This will help enhance their business functions, and conversely, by sharing agency-wide business data from their IT- and OT-related systems, help serve CAV data needs and support deployment of CAV applications.

“We are proud to support VDOT’s forward-thinking CAV initiative with what will be the first strategic plan of its kind in the Commonwealth of Virginia,” said Dr. Moe Zarean, general manager, Mobility Operations Services at Iteris. “Iteris’ involvement in the growing connectedness of multimodal road users positions us to help communities around the nation prepare for the future, and enhance the value, effectiveness and resilience of their existing transportation infrastructure.”

The project is in line with several CAV deployments Iteris is working on across the U.S. – including oversight of pilot deployments, smart work zones, advanced pedestrian detection and automated commercial vehicle inspections. Iteris also led the development and evolution of the U.S. ITS architecture reference for over three decades, initiating the Connected Vehicle Reference Implementation Architecture in 2012 and continues to support the evolution of the combined ARC-IT for the US Department of Transportation’s Federal Highway Administration.

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," “outlooks,” “target,” "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 sub-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 on a timely and cost-efficient manner; government funding and budgetary issues, and potential related funding delays; and the potential impact of product and service offerings from competitors and other competitive pressures 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/20220818005025/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 significance of Iteris' new contract with VDOT?

The contract signifies Iteris' expertise in smart mobility management and supports VDOT's effort to integrate advanced CAV technologies.

When was the Iteris contract with the Virginia Department of Transportation announced?

The contract was announced on August 18, 2022.

What are connected and automated vehicle (CAV) planning services?

CAV planning services involve developing strategies for integrating data and technology to improve transportation systems and manage vehicle automation.

How does this project impact Iteris' business?

This project represents continued demand for Iteris' specialized consulting services, potentially leading to increased revenue and market presence.