(Reuters) – Traffic camera provider Iteris Inc on Monday rejected a buyout offer from Rekor Systems Inc, saying it undervalued the company.
The U.S. license plate recognition software vendor had earlier made a non-binding $330 million cash-and-stock offer to acquire Iteris, sources told Reuters on Sunday.
“Rekor’s proposal does not reflect Iteris’ intrinsic value, including the significant long-term opportunities ahead of us,” said Iteris Chairman Tom Thomas.
Iteris, which makes video and radar detection equipment used on highways, has been expanding its software platform to cater to state and federal transportation agencies.
Reporting by Tiyashi Datta in Bengaluru; Editing by Ramakrishnan M. and Devika Syamnath