Iteris to Expand its iPerform® Data and Analytics Software Solutions
Mar 11th 2013 8:20AM
Updated Mar 11th 2013 8:50AM
Iteris to Expand its iPerform ® Data and Analytics Software Solutions
SANTA ANA, Calif.--(BUSINESS WIRE)-- Iteris, Inc. (NYSE MKT: ITI), a leader in providing intelligent traffic management information solutions, is expanding its iPerform traffic and weather-related data and analytics software segment.
iPerform was established in 2011 and provides a new generation of intelligent traffic and weather-related information solutions. These solutions bring the power of big data to the prediction of traffic conditions and the delivery of actionable information to both the public and commercial marketplace. The segment's initial product, IterisPeMS™, is a state-of-the-art information management software suite that utilizes a wide range of data resources and analytical techniques to determine current and future traffic patterns, permitting the effective performance analysis, and management of traffic infrastructure resources.
Currently, iPerform is a market leader in performance management solutions for federal, state, local, and municipal organizations. Iteris intends to use its strong brand and deep experience in the traffic management market, as well as its market-specific intellectual property, to expand the company's leadership in data aggregation and analytics.
"The market for traffic analytics is expanding dramatically," said Abbas Mohaddes, president and CEO of Iteris. "Our deep knowledge of traffic engineering and weather forecasting, our experience managing traffic measurements on a massive scale, and our state-of-the-art analytical capabilities should position us to put complex big data to work, enabling our customers to predict and solve real-time traffic management problems. The expansion of iPerform reflects our broadening focus beyond the public sector to a wider market that should benefit from our information-based products and services. iPerform's recurring revenue model is expected to supplement our consulting and product businesses and augment the overall profitability of our organization."
By increasing investments in both technical and market development, Iteris is focused on expanding the scope of its public sector solutions into the commercial marketplace. According to IBISWorld, the world's largest independent publisher of U.S. industry research, the traffic and weather information markets are expected to grow more than 38% annually to become a $2 billion industry by 2016.
Going forward, iPerform's solutions are expected to include incident management applications, arterial solutions, predictive traffic, and weather-based data and analytics for both public and commercial markets, including media, automotive, and consumer applications.
Iteris plans to fund these investments through internally generated cash flow from its Roadway Sensors and Transportation Systems operating segments, as well as revenues from its iPerform segment. The company expects to remain profitable during this 18-month period of investment.
About Iteris, Inc.
Iteris, Inc. is a leader in providing intelligent information solutions to the traffic management market. The company is focused on the development and application of advanced technologies and software-based information systems that reduce traffic congestion, provide measurement, management, and predictive traffic analytics, and improve the safety of surface transportation systems. By combining its unique IP, products, decades of expertise in traffic management and information technologies, Iteris offers a broad range of Intelligent Transportation System ("ITS") solutions to customers worldwide. The firm is headquartered in Santa Ana, California, with offices nationwide and in the Middle East. For more information, please call 1-888-329-4483 or visit www.iteris.com. Also visit the company on Facebook, Twitter, and You Tube.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
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," "should," "could," "may," "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 expected investments and market opportunity for the company's iPerform products and software analytic tools, as well as the company's future operating results.
Important factors that may cause such a difference include, but are not limited to the market acceptance of our iPerform technologies and the solutions that incorporate them; the timing and successful completion of product development and the risks of non-qualification and broad market acceptance of solutions; our ability to control costs; our ability to specify, develop, complete, introduce, market, and transition our iPerform and other products and technologies to volume production in a timely manner; the potential unforeseen impact of product offerings from competitors and other competitive pressures; government budgetary issues and delays; and the general economic and political conditions and specific 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).
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Scott Liolios or Cody Slach
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