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Neology acquires 3M tolling business

Neology, Inc., a subsidiary of Smartrac, plans to acquire the Tolling and Automated License/Number Plate Recognition business of 3M’s Traffic Safety and Security Division. The business has annual global sales of approximately USD 40 million.
The transaction is expected to close by the third quarter of 2017, subject to customary closing conditions, regulatory approvals and consultation or information requirements with relevant works councils. Approximately 85 employees are expected to join Neology upon completion of the sale. Terms of the private transaction were not disclosed.

"The entire Neology team is excited to become part of this winning combination. As we join forces with 3M’s Tolling and Automated License/Number Plate Recognition business, Neology will become a full-service provider of tolling and vehicle identification products and solutions along the entire value chain. This will enhance our ability to develop highly innovative and integrated solutions to meet our customers’ evolving needs", said Francisco Martinez de Velasco, President and CEO of Neology.

"3M believes that the best path forward for this business is with a company focused on tolling and electronic vehicle registration technology", said John Riccardi, vice president and general manager, Traffic Safety and Security Division.

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September 15 2017 9:25 AM V8.7.1-1