Tuesday, July 26, 2011
Iteris Sells Vehicle Sensors Business For $14M
Santa Ana-based Iteris, the provider of traffic technology, said Monday that it has sold off its Vehicle Sensors business to Bendix Commercial Vehicle Systems LLC, for $14M, plus potential earnout and royalty. Iteris said the sale is an "important step" in a strategic plan to focus on the traffic management market. The firm's Vehicle Sensors business developed vehicle safety systems, lane departure warning, forward collision warning, and other technology. Iteris was advised by Strauss Capital Partners LLC in the sale.