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Iteris

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Iteris Inc. is an American company based in Austin, Texas that provides software, hardware and services for smart mobility infrastructure management, including software as a service, cloud-enabled managed services, consulting and advisory services, and sensors and other devices that record and predict traffic conditions. Iteris Inc. was established in 2004. The company from which it was formed, Odetics Inc., was originally founded in 1969, in Anaheim, California and incorporated in Delaware in 1987. Joe Bergera has served as the company's president and chief executive officer since 2015, and Iteris reported revenue of $156.1 million in fiscal year 2023, ending March 31.

Iteris Inc.
Company typePublic
Nasdaq: ITI
Russell 2000 Index component
Industry
  • Transportation
  • mobility
Predecessors
  • Odetics Inc. (1969–2003)
  • Iteris Holdings (2003–2004)
Founded2004; 20 years ago (2004)
Headquarters1250 S Capital of Texas Highway,
Austin, Texas[1]
,
United States
Key people
Joe Bergera (president and CEO)[2]
Kerry Shiba (CFO)[3]
Products
Services
Revenue$156.1 million[4] (2023)
Websiteiteris.com

History

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The company from which Iteris Inc. was formed, Odetics Inc., was originally founded in 1969, in Anaheim, California,[5][6] and incorporated in Delaware in 1987.[7] It served as a business incubator for technology companies, and provided digital tape recorders to aerospace manufacturers.[5][6] Odetics received an initial public offering in 1989.[5] The company became known as simply Iteris in October 2004, through reverse merger.[5][8]

The company acquired Meridian Environmental Technology Inc. (MET), which developed technologies related to traveler information and meteorology,[9] during 2010–2011.[10][11] Meridian continued to operate as a wholly owned subsidiary.[12]

In 2011, Iteris acquired Berkeley Transportation Systems (BTS), a Northern California-based privately held company that analyzes transport networks and their effectiveness.[13]

In July 2019, Iteris acquired Albeck Gerken, Inc., a privately held traffic operations engineering services provider headquartered in Tampa, Florida.[14] Iteris was reportedly earning $68 million in annual revenue in 2015,[15] and was added to the Russell 2000 Index on June 26, 2017.[6] In May 2020, the company sold its agriculture and weather analytics business segment to DTN, an operating company of TBG AG.[16] In mid 2023, Iteris reported revenue of $156.1 million for the previous fiscal year, ending March 31.[4]

In December 2020, Iteris acquired TrafficCast International, Inc., a privately held, Wisconsin-based company that provides travel information services to commercial and public-sector providers.[17][18]

Leadership

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Joe Bergera has served as the company's president and chief executive officer (CEO) since 2015.[6][19][20] Former CEOs include Jack Johnson, who served until 2007, and Abbas Mohaddes, who served from 2007 to 2015.[15] Kevin Daly served as interim CEO between Mohaddes and Bergera, and maintained his longtime board position following the latter's hiring.[20]

Products and services

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Iteris provides hardware, software, and consulting services for smart mobility infrastructure management.[21][22] Specific products include ClearGuide (software as a service for transportation analytics),[23] VantageCare (a cloud-enabled managed service),[24] and ClearMobility Cloud (an open-architecture cloud framework that facilitates access to Iteris’s other hardware and software).[25] The company also produces sensors and other devices that record and predict traffic conditions, using proprietary data analysis software.[5][19]

Traffic and transportation

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According to Business Insider, Iteris is the "leading provider of outdoor vision systems and sensors that optimize the flow of traffic and enhance driver safety". The company uses digital image processing, information technology, and traffic engineering to provide safety and transportation solutions.[26]

In 2000, the Virginia Department of Transportation (VDOT) implemented an advanced traveller information system developed as part of a public–private partnership between the agency and Iteris. The system was among the first in the United States to collect data by reading motorists' wireless signals.[27][28] Iteris designed a crash avoidance system in 2000 to warn Mercedes-Benz Actros drivers if trucks drifted outside their lane without using a turn signal.[29][30] The lane departure warning system was available on approximately 8,000 trucks in Europe and the United States by 2004,[31] and offered on two cars, the 2005 Infiniti FX crossover and the 2006 Infiniti M.[32] In 2004, Iteris and Valeo were reportedly collaborating on a camera-based vision system for heavy duty trucks using active pixel sensors and integrated signal processing.[33][34]

In 2009, the Southern California Association of Governments hired Iteris to survey trucking companies about possible Interstate 710 usage; the company's senior vice president was selected by Bill Bogaard to serve on a working group in 2014 to study the freeway's expansion.[35][36] Iteris and Traffic Products worked to replace video surveillance systems on traffic lights in Murrysville, Pennsylvania, along U.S. Route 22, in 2010.[37] VDOT hired Iteris again in 2011 to improve the state's 5-1-1 system over five years.[38] The company began developing engineering and planning guidelines for the Abu Dhabi Department of Transport in 2011. Iteris partnered with TrafQuest again, having previously collaborated on an intelligent transportation system action plan for the department.[39] In late 2013, the National Highway Institute chose Iteris to create and maintain a five-year training program for use by local, state, and federal highway and transportation agencies. The nearly $18 million contract was funded by the Federal Highway Administration, a division of the USDOT.[40]

The city of San Diego purchased Iteris equipment in 2014 as part of a pilot program to count bicyclists and influence signal lengths displayed by traffic lights. The cameras were not installed along Harbor Drive until 2016, and engineers had to assess the system's accuracy and address inconsistencies by comparing automatically generated counts with actual video footage.[41] In Texas, the company's vehicle detection system has directed the merging of traffic.[5] Iteris analyzed technical data for the Santa Clara Valley Transportation Authority in 2015 to determine if removing two bus lanes would impact traffic on El Camino Real between Palo Alto and San Jose.[42] The company was developing vehicle-to-traffic-infrastructure technology, as of mid 2015, to facilitate communication between vehicles and traffic signals.[43]

The Oregon Department of Transportation used Iteris Freeway Performance Measurement software in Central Oregon to use mobile phone data to monitor and predict traffic problems associated with the solar eclipse of August 21, 2017.[44][45] In May, the Louisiana Department of Transportation and Development signed a $2 million contract with Arcadis, Iteris, and Alliance Transportation Group to help prepare the state for vehicular automation.[46] Iteris evaluated the necessity to keep nearly a dozen traffic signals in Columbus, Nebraska, in 2017.[47]

The cities of Bentonville, Arkansas,[48][49] and Gainesville, Florida, have used Iteris' VantageLive! traffic data collection software to capture traffic, pedestrian and bicycle counts at major intersections.[50][51] The South Carolina Department of Transportation uses the company's ClearGuide mobility intelligence software as a service to reduce traffic congestion and delays, and to manage evacuation traffic during and after severe weather.[52]

The state of Minnesota uses Iteris’ cloud framework to integrate its Intelligent Roadway Information System with ClearGuide, Iteris’ transportation analytics software as a service.[24][53]

Through its acquisition of TrafficCast, Iteris provides commercial entities like Sirius XM and iHeart Media's Total Traffic & Weather Network with travel and traffic information.[54] In 2020 TrafficCast provided traffic data about COVID testing sites in the US via in-car systems.[54]

Agriculture and weather

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Prior to its sale of its agriculture and weather analytics business segment to DTN in May 2020,[16] Iteris offered products specifically for agriculture, including the ClearAg system, which used weather simulation to recommend harvest times based on predicted atmosphere and soil conditions, as well as crop moisture amounts.[5] The platform also helped growers determine the best times to plant, fertilize, and treat crops,[55] delivering advice via application programming interfaces (APIs) and apps.[56] In April 2015, the company received a patent for the system, which was used to track storms as a form of crop protection for BASF.[5][57] As of 2016, Iteris was the only company using land surface models for climate and weather prediction as a tool for farmers to use to improve agriculture practices.[55]

Recognition

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In 2014, Iteris earned a transportation planning award from the American Planning Association for offering recommendations and "appropriate technology for efficient mobility" to the Long Beach general plan.[5] The company and Delcan Technologies were recognized for their contributions to MDOT's Automated Vehicle Location and Maintenance Decision Support System Program, which earned a "Best of ITS" award in the "Best New Innovative Practice in the Sustainability in Transportation" category from ITS America.[58]

References

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  1. ^ "Iteris Form 10-K 2023". U.S. Securities and Exchange Commission. p. 4. Retrieved September 25, 2023.
  2. ^ "Joe Bergera: President/CEO, Iteris Inc". Bloomberg.com. Retrieved June 17, 2020.
  3. ^ "Iteris Form 10-K 2023". U.S. Securities and Exchange Commission. p. 75. Retrieved September 25, 2023.
  4. ^ a b "Iteris Form 10-K 2023". U.S. Securities and Exchange Commission. p. 31. Retrieved September 25, 2023.
  5. ^ a b c d e f g h i White, Ronald D. (May 3, 2015). "Iteris greenlights ways to better account for its revenue". Los Angeles Times. ISSN 0458-3035. OCLC 3638237. Retrieved October 31, 2017.
  6. ^ a b c d Orange County Register:
  7. ^ "Form 10-K" (PDF). U.S. Securities and Exchange Commission. Retrieved December 12, 2017.
  8. ^ "Form 8-K". U.S. Securities and Exchange Commission. Retrieved December 12, 2017.
  9. ^ Haffner, Andrew (March 14, 2017). "Bruce Gjovig, UND Innovation Center CEO, to retire". Grand Forks Herald. Grand Forks, North Dakota: Forum Communications. Retrieved November 2, 2017.
  10. ^ "Iteris to acquire Meridian Environmental Technology". FleetOwner. December 29, 2010. Retrieved November 16, 2017.
  11. ^ "Meridian Environmental Technology joining Iteris Family". Prairie Business Magazine. January 3, 2011. Retrieved November 16, 2017.
  12. ^ Bonham, Kevin (December 29, 2010). "Meridian to be acquired by California traffic management firm". Grand Forks Herald. Retrieved November 16, 2017.
  13. ^ Casacchia, Chris (October 31, 2011). "Iteris Buys Traffic Management Company in Berkeley". Orange County Business Journal. Retrieved November 1, 2017.
  14. ^ Business, Wire (June 4, 2019). "Iteris Announces Agreement to Acquire Albeck Gerken". Business Wire. Retrieved September 9, 2019. {{cite news}}: |last1= has generic name (help)
  15. ^ a b Casacchia, Chris (February 26, 2015). "Iteris CEO Resigns". Orange County Business Journal. Retrieved November 1, 2017.
  16. ^ a b Kennedy, Patrick (May 6, 2020). "Burnsville weather-analytics company bolsters agricultural business with $12M acquisition". Star Tribune. Retrieved June 17, 2020.
  17. ^ Stone, Tom (December 8, 2020). "Iteris acquires TrafficCast". Travel Technology Today. Retrieved May 13, 2021.
  18. ^ Spencer, Ben (December 8, 2020). "Iteris snaps up TrafficCast for $16m". ITS International. Retrieved May 13, 2021.
  19. ^ a b Ray, Tiernan (June 16, 2016). "Iteris CEO: Startups Would Be 'Psyched' to Have Our Rates of Growth". Barron's. Dow Jones & Company (News Corp). ISSN 1077-8039. Retrieved October 31, 2017.
  20. ^ a b Casacchia, Chris (September 22, 2015). "Iteris Names New CEO". Orange County Business Journal. Retrieved November 1, 2017.
  21. ^ Frost, Adam (March 13, 2020). "Commercial vehicle operations system helps movement of goods". Traffic Technology Today. Retrieved June 17, 2020.
  22. ^ Stone, Tom (May 19, 2020). "South Carolina DOT upgrades traffic analysis with Iteris ClearGuide". Traffic Technology Today. Retrieved June 17, 2020.
  23. ^ Stone, Tom (March 13, 2020). "Minnesota DOT launches first statewide deployment of Iteris smart infrastructure management". Traffic Technology Today. Retrieved June 17, 2020.
  24. ^ a b "Iteris helps cities manage smart mobility infrastructure". Smart Cities World. January 20, 2021. Retrieved May 13, 2021.
  25. ^ Spencer, Ben (December 8, 2020). "Iteris snaps up TrafficCast for $16m". ITS International. Retrieved May 13, 2021.
  26. ^ "Rebuilding America's Infrastructure: List of Stocks That Will Benefit". Business Insider. Axel Springer SE. July 29, 2011. Retrieved November 2, 2017.
  27. ^ Messina, Debbie (February 4, 2000). "Steering Clear of Congestion Wireless Phone Technology to Let Drivers Knows When Roads Are Clogged". The Virginian-Pilot. Norfolk, Virginia: Landmark Media Enterprises. ISSN 0889-6127.
  28. ^ Heyser, Holly A. (August 18, 2000). "System to Help Drivers Avoid Congestion New $7 Million Project Will Multiply Motorists' Resources for Traffic Data". The Virginian-Pilot.
  29. ^ Sparkes, Matthew (December 4, 2014). "Driverless cars: how long until we can sit back and relax?". The Daily Telegraph. London. ISSN 0307-1235. OCLC 49632006. Retrieved November 3, 2017.
  30. ^ Quain, John R. (April 13, 2010). "Lane Departure Warning Systems for the Rest of Us". The New York Times. ISSN 0362-4331. OCLC 1645522. Retrieved November 3, 2017.
  31. ^ Boe, Dave (December 20, 2004). "Iteris System Warns of Unintended Side Moves". Daily Herald.
  32. ^ Kiley, David (April 5, 2004). "Infiniti to sell cars with lane-change alert system". Chicago Sun-Times. Sun-Times Media Group. ISSN 1553-8478.
  33. ^ Frank, Randy (April 26, 2004). "Under the hood at the SAE show: fuel economy, emissions, and safety are big topics for automotive engineers". Design News. Santa Monica, California: UBM plc. ISSN 0011-9407.
  34. ^ Frank, Randy (April 10, 2006). "New and notable product design". Design News.
  35. ^ Gold, Lauren; Scauzillo, Steve; Meeks, Karen Robes; Charles, Brian (September 23, 2012). "The Historic Spine of L.A.'s Freeway System Is the 710. But Improving the Road from Long Beach to East L.A. Is Mired in Political Gridlock, Much of It Over the ... Missing Link". Los Angeles Daily News. Digital First Media.
  36. ^ Gold, Lauren (September 8, 2014). "Pasadena Convenes 710 Freeway Working Group". Pasadena Star-News. Digital First Media.
  37. ^ Panian, AJ (July 22, 2010). "Murrysville eyes repair to Route 22 surveillance equipment". Pittsburgh Tribune-Review. Pittsburgh: Tribune-Review Publishing Company.
  38. ^ Messina, Debbie (September 29, 2011). "Updated system will tailor traffic info to commutes". The Virginian-Pilot.
  39. ^ "Iteris Awarded $1.3 Million Contract to Provide Traffic Engineering and Planning Manuals for Abu Dhabi s Department of Transport". Mena Report. Al Bawaba. April 14, 2011.
  40. ^ Sablan, Kevin (December 23, 2013). "O.C. drone company moving to Bay Area". Orange County Register. Retrieved November 3, 2017.
  41. ^ Bowen, Andrew (July 24, 2017). "San Diego Confronts Bad Data from Bike-Counting Cameras". San Diego: KPBS-FM. Retrieved November 1, 2017.
  42. ^ Richards, Gary (September 22, 2015). "Audit: Bus lanes won't have dire impact on El Camino traffic". The Mercury News. San Jose, California: Digital First Media. ISSN 0747-2099. OCLC 145122249. Retrieved November 2, 2017.
  43. ^ Gitlin, Jonathan M. (July 21, 2016). "Mcity: The future of connected and autonomous vehicle research". Ars Technica. Condé Nast. Retrieved November 1, 2017.
  44. ^ Larsen, Jacob (June 29, 2017). "ODOT tracking cellphone data for motorists' real-time traffic info". Bend, Oregon: KTVZ. Archived from the original on November 10, 2017. Retrieved November 1, 2017.
  45. ^ Roberts, Heather (July 5, 2017). "ODOT to Use Cell Data to Track Eclipse Traffic". Bend, Oregon: KBND. Retrieved November 1, 2017.
  46. ^ Nobles III, Wilborn P. (May 16, 2017). "To prepare Louisiana for driverless vehicles, DOTD signs $2 million consulting contract". The Times-Picayune. New Orleans: Advance Publications. ISSN 1055-3053. Retrieved November 1, 2017.
  47. ^ Ellyson, Tyler (July 18, 2017). "City taking down signals at five intersections". Columbus Telegram. Columbus, Nebraska: Lee Enterprises. Retrieved November 2, 2017.
  48. ^ Stone, Tom (February 20, 2020). "How new video-detection technology can assist with traffic data collection". Traffic Technology Today. Retrieved June 23, 2020.
  49. ^ "Software Helps Bentonville Keep Timely Tabs on Traffic (Infrastructure: Winner, Class I)". Arkansas Business. Arkansas Business Publishing Group. December 9, 2019. Retrieved June 23, 2020.
  50. ^ Boonzaier, Katrina (March 7, 2018). "City of Gainesville uses new software to make roads safer for pedestrians, monitor traffic". WGFL. Retrieved June 18, 2020.
  51. ^ "Iteris VantageLive! Chosen for Smart Transportation Initiative". The Business Report. April 24, 2018. Retrieved June 18, 2020.
  52. ^ Stone, Tom (May 19, 2020). "South Carolina DOT upgrades traffic analysis with Iteris ClearGuide". Traffic Technology Today. Retrieved June 17, 2020.
  53. ^ "MnDOT pushes real-time traffic data to road users statewide". Smart Cities World. April 15, 2021. Retrieved May 13, 2021.
  54. ^ a b Stone, Tom (March 28, 2020). "Traffic data around Covid-19 tests sites added to TrafficCast data feed". Travel Technology Today. Retrieved May 19, 2021.
  55. ^ a b Lane, Jim (October 22, 2016). "Iteris brings predictive analytics and data science to sunflower, sorghum". Biofuels Digest. Retrieved November 1, 2017.
  56. ^ Lane, Jim (June 14, 2016). "How Big Data is Disrupting Agriculture from Biological Discovery to Farming Practices". Biofuels Digest. Retrieved December 13, 2017.
  57. ^ "Iteris Enters into Precision Ag Weather Agreement with BASF". Mena Report. February 5, 2015.
  58. ^ "Parsons Intelligent Transportation Systems Project with MDOT Receives Best of ITS Award". Mena Report. November 19, 2014.
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