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3M pays $230m for Attenti in Tel Aviv

Posted By ISRAEL21c Staff On September 2, 2010 @ 6:58 am In | No Comments

3M Corporation will acquire Tel Aviv-based Attenti Holdings SA for $230 million in cash, from an investor group led by Francisco Partners. The acquisition should be closed in the fourth quarter.

The Tel Aviv-based company, formerly Dmatek, develops and manufactures electronic ankle bracelets to monitor a person’s whereabouts. Its products are used with parolees, Alzheimer’s sufferers and others.

Customers include private companies and public organizations, monitoring service providers, security and telecommunications companies, and government agencies in more than 25 countries. The company estimates that sales will reach $100 million this year.

Attenti has 340 employees in Tel Aviv; in Sydney, Australia; in Plovdiv, Bulgaria; and at three locations in the US.

According to reports in Globes, an Israeli financial daily, 3M Track and Trace Solutions general manager Rory Yanchek said, “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. The addition of Attenti’s location tracking capability enhances the value we can deliver to our customers around the world.”


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