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News

3M Buys Offender Tracking And Monitoring Company

3M Security Systems : 02 September, 2010  (Company News)
Attenti Holdings acquisition to bring expertise in tracking and tracing offenders to the 3M Track and Trace Portfolio
3M has entered into a definitive agreement to acquire Attenti Holdings from an investor group led by Francisco Partners, for a purchase price of $230 million in cash. Based in Tel Aviv, Israel, Attenti is a supplier of remote people monitoring technologies used for a variety of offender monitoring applications, such as people awaiting trial or on probation; and to assist eldercare facilities in monitoring and enhancing the safety of patients.

"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."

3M provides comprehensive track and trace solutions that deliver customer value by improving the safety, security and utilization of assets through applications such as file tracking, library management, secure supply chain solutions and locating and marking for buried underground utilities.

Yoav Reisman, Attenti CEO, said, 'This is an exciting opportunity to continue growing our business within the framework of a renowned global leader and innovator which recognizes the value of our unique market position and product portfolio." Reisman added, "3M's culture of innovation fits well with our own and its research and development capabilities and global reach will help accelerate the growth of our business."

Attenti's business partners are private and public organizations, monitoring service providers, security and telecommunications companies, as well as government agencies in over 25 countries around the world.

On a GAAP reported basis, 3M estimates the acquisition to be slightly dilutive to earnings in the first 12 months following completion of the transaction. Excluding purchase accounting adjustments and anticipated integration expenses, 3M estimates the acquisition to be slightly accretive to earnings over the same period.

"For 3M Israel, this acquisition will strengthen our presence and contribute to growth in our local market," added Nir Leshem, managing director, 3M Israel.

Attenti employs approximately 340 people at its major operational locations in Tel Aviv, Israel; Tampa, Fla.; Naperville, Ill. and; Milwaukee, Wis., as well as in Plovdiv, Bulgaria; and Sydney, Australia. Sales for 2010 are expected to be approximately $100 million. The transaction is expected to be completed in the fourth quarter, subject to customary closing conditions and regulatory approvals.
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