Neology Closes Acquisition of Tolling/Automated License/Number Plate Recognition Business from 3M.
5 July 2017 - California, US-based Neology, Inc., a subsidiary of Dutch-based RFID manufacturer Smartrac, has closed the acquisition of the tolling and automated license/number plate recognition business of Minnesota, US-based technology company 3M's (NYSE: MMM) traffic safety and security division, the company said.
Smartrac is a portfolio company of Germany based private equity firm One Equity Partners Europe GmbH.
Terms of the deal were not disclosed.
Approximately 85 employees are expected to join Neology upon completion of the sale.
3M said its automated license/number plate recognition business is best served by a company focused on tolling and electronic vehicle registration technology.
The company's tolling and automated license/number plate recognition business solutions include RFID readers and tags, automatic vehicle classification systems, lane controller and host software, and back office software and services.
It also provides mobile and fixed cameras, software, and services in automated license/number plate recognition. The business has annual global sales of approximately USD 40m.
KPMG Corporate Finance acted as the exclusive financial adviser to 3M on the sale.
Sector: IT/Online Services
Target: 3M/traffic safety and security division
Buyer: Neology, Inc
Deal size in USD:
Type: Corporate Acquisition
Buyer advisor: , ,
Comment: Terms of the deal were not disclosed
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|Publication:||M & A Navigator|
|Date:||Jul 5, 2017|
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