SAN DIEGO, June 30, 2017 (GLOBE NEWSWIRE) -- Neology, Inc. today announced that it has successfully completed the acquisition of the Tolling and Automated License/Number Plate Recognition business of 3M’s Transportation Safety Division. Neology is a subsidiary of SMARTRAC, an investment managed by One Equity Partners (OEP), a middle-market private equity firm.
With the acquisition, Neology expands its portfolio of best-in-class products with integrated end-to-end tolling solutions including high-quality RFID readers and tags, automatic vehicle classification systems, lane controller and host software, and back office software and services. It also offers a full spectrum of mobile and fixed cameras, software, and services in automated license/number plate recognition to service the Security and Law Enforcement market segments.
“Today marks a major leap in advancing our vision of being a trusted source of advanced Tolling, ITS, and ANPR solutions in the world,” said Francisco Martinez de Velasco, Neology’s founder and CEO. “The industry-leading products and solutions brought together by this acquisition provide a much broader offering, increasing value for our customers and their evolving requirements.”
“The new employees joining the Neology family share common values of innovation, quality, and performance which positions us well for successful integration,” added Martinez. “Our combined forward thinking approach to serving Tolling, ITS, and ANPR customers sets us up for an exciting future.”
A fully-owned subsidiary of SMARTRAC N.V., Neology is a leading provider of integrated solutions for the tolling, electronic vehicle registration (EVR) and public safety markets. The company is a pioneer and leader in the development of passive RFID technology owning some of the earliest and most significant intellectual property (IP) in the industry. SMARTRAC is the leading developer, manufacturer and supplier of RFID products and services suitable for a large number of applications. For more information visit www.neology-rfid.com and www.smartrac-group.com.
SMARTRAC® is a leading developer, manufacturer, and supplier of RFID and NFC transponders and inlays and owns a vast RFID patent portfolio. The company produces both ready-made and customized transponders and inlays used in access control, animal identification, automated fare collection, border control, RFID-based car immobilizers, contactless payment cards, electronic product identification, industry, libraries and media management, laundry, logistics, mobile and smart media, public transport, retail, and many more.
SMARTRAC was founded in 2000, went public in July 2006, and trades as a stock corporation under Dutch law with its registered headquarters in Amsterdam. The company currently employs approximately 3,600 employees and maintains a global research and development, production, and sales network.
All forward-looking statements contained in this press release are based on assumptions, planning, and forecasts at the time of publication of this press release. Forward-looking statements always involve uncertainties. Business and economic risks and developments, the conduct of competitors, political decisions, and other factors may cause the actual results to be materially different from the assumptions, planning, and forecasts at the time of publication of this press release. Therefore, SMARTRAC N.V. does not assume any responsibility relating to forward-looking statements contained in this press release. Furthermore, SMARTRAC N.V. does not assume any obligation to update the forward-looking statements contained in this press release.
About One Equity Partners
OEP is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an extensive track record generating long-term value for its partners. Since 2001, the firm has completed more than 140 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, and Frankfurt. For more information, please visit www.oneequity.com.
Press Release and Media Contact: Eric M. Redman Vice President, Sales & Marketing Neology, Inc. 858-391-0260