Date: Mar 11, 2013 Source: (
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SANTA ANA, Calif.--(BUSINESS WIRE)--Mar. 11, 2013-- 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.
