ST. PAUL, Minn.--(BUSINESS WIRE)--3M today announced that it has completed the sale of its tolling and automated license/number plate recognition business to Neology, Inc., a leading provider of integrated solutions for tolling, electronic vehicle registration and public safety applications. Neology is a subsidiary of SMARTRAC, a portfolio company managed by One Equity Partners, a middle-market private equity firm.
The tolling and automated license/number plate recognition business is a provider of tolling and automated license/number plate recognition solutions. Its 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 license/number plate recognition. The business has annual global sales of approximately $40 million.
The tolling and automated license/number plate recognition business was part of 3M’s Transportation Safety Division, within the Safety & Graphics business. Approximately 75 employees are expected to join Neology.
The impact of the transaction will be neutral to both second-quarter and full-year 2017 GAAP earnings per share.
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