3M to acquire remote monitoring technology firm Attenti Holdings for $230 million
31 Aug 2010
3M Co, known for making Post-it sticker pads, today agreed to acquire Israel's Attenti Holdings SA from an investor group led by private-equity firm Francisco Partners for $230 million in cash, its second acquisition in two days.
3M, formerly known as the Minnesota Mining and Manufacturing Company, said that it signed a definitive agreement to acquire Attenti for $230 million in cash.
Attenti, based in Tel Aviv, is a leading supplier of remote people monitoring technologies used for monitoring people awaiting trial or on probation, as well as to assist eldercare facilities in monitoring and enhancing the safety of patients.
Its business partners are private and public organisations, monitoring service providers, security and telecommunications companies, as well as government agencies in over 25 countries across the world.
Attenti employs approximately 340 people at its major operational locations in Tel Aviv, Florida, Illinois and Wisconsin, as well as in Bulgaria and Australia. Attenti expects sales for 2010 to be approximately $100 million.
''This acquisition will position our track and trace business as a leader in the high growth electronic offender monitoring market and add Global Positioning System (GPS) and active Radio Frequency (RF) technology and capability to our portfolio,'' said Rory Yanchek, general manager, 3M Track and Trace Solutions. ''The addition of Attenti's location tracking capability enhances the value we can deliver to our customers around the world.''
