New Multi-year Contract Expands Company’s Market Penetration in Mid-Atlantic
- Iteris will deliver services including an extensive data portal, real-time traveler information, weather data, and continued operations and maintenance of video and data distribution services.
- The new 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.
- The deal also represents continued demand for Iteris’ mobility consulting services in a key geographic market.
RICHMOND, Va. – July 19, 2022 – Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, today announced that it has been awarded a new contract by the Virginia Department of Transportation (VDOT) for smart mobility, safety and sustainability programs, representing continued demand for Iteris’ platform as a service offering and mobility consulting services in a key geographic market.
The deal begins its initial phase of a multi-year contract with an $11.4 million order. The eventual total contract value is expected to exceed $20 million.
Under the terms of the new multi-year contract, Iteris will provide VDOT platform-as-a-service capabilities, including an extensive data portal, next generation real-time traveler information system, new incident management tools and upgraded video distribution services on a statewide basis. Additionally, Iteris will lead a team of subject-matter experts to rearchitect and modernize several operations and content systems that support the safe and efficient movement of people and goods across the Commonwealth of Virginia. The core services include data, video and traveler information. The Data Service will revise and expand on the highly successful SmarterRoads distribution platform and will provide VDOT with greater data management and usage tools as the number of data sets, real-time feeds and registered users grow. The Video Service will fully leverage VDOT’s new statewide fiber network to significantly lower operational costs, while providing access to over 1,600 cameras and video feeds for operational and broadcast use via agency partner and media portals.
The Traveler Information Services will provide personalized alerts through website, phone and mobile applications to help VDOT and its partners communicate with the travelers in Virginia. VDOT will also have an incident command mobile app for field operations staff and a new two-way alert system to reach the public in specific geographic areas experiencing a major event.
“We are thrilled that VDOT continues to recognize Iteris as a trusted partner to provide these services, and it demonstrates the agency’s continued commitment to improving safety, mobility and sustainability in the Commonwealth of Virginia,” said Dr. Moe Zarean, General Manager, Mobility Operations Services at Iteris. “Furthermore, we are proud to support a program that will 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 detection systems. 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 and products in a cost-efficient manner; government funding and budgetary delays, issues and timing; challenges in the development of software-based solutions generally; the adverse impacts of general economic, political and other conditions in the markets we address; and the potential impact of product and service offerings from competitors and such competitors’ patent coverage and claims. 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).
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