3M entered into a definitive agreement to acquire Attenti Holdings from an investor group led by Francisco Partners, for a purchase price of US$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 elder care 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 and active-radiofrequency technology and capability to our portfolio,” said Rory Yanchek, GM, 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 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,” said Yoav Reisman, CEO of Attenti. “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.”
“For 3M Israel, this acquisition will strengthen our presence and contribute to growth in our local market,” said Nir Leshem, MD, 3M Israel.