Acquisition of the business – which is currently part of 3M’s Traffic Safety and Security Division and has annual global sales of approximately $40M – is expected to complete in the third quarter of this year.
The business’s tolling 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 number plate recognition.
Approximately 85 employees of 3M are expected to join Neology upon completion of the sale.
“3M believes that the best path forward for this business is with a company focused on tolling and electronic vehicle registration technology,” commented vice president and general manager of the Traffic Safety and Security Division John Riccardi.
Neology is known as a leading provider of integrated solutions for the tolling, electronic vehicle registration and public safety market. The company’s president and CEO Francisco Martinez de Velasco said: “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.”
Managing director at Neology’s parent company Dr Jörg Zirener added: “The combined business creates a market leader with a broad range of best in class products and excellent customer relationships.”