Iteris completes acquisition of Albeck Gerken
By Jim Gibbins - 1st September 2019
USA - Iteris Inc of Santa Ana, California, a specialist in applied informatics for transportation and agriculture, has completed its acquisition of Albeck Gerken Inc, a privately held traffic operations engineering services provider headquartered in Tampa, Florida, with offices in Orlando (FL), Virginia Beach (VA) and Chadds Ford (PA).
Albeck Gerken is to operate as a wholly owned subsidiary of Iteris, with the former Albeck Gerken employees being aligned with Iteris’ Transportation Systems business segment. The acquisition was concluded for a total purchase price of USD10.7m in cash and stock, with the ability for key principals to realise an additional USD2.3m in other incentives over three years from the final purchase date. For the fiscal year ending December 31, 2018, Albeck Gerken’s audited GAAP revenue was USD8.1m and EBITDA was USD2.0m.
