Apax Partners, a U.K.-based private equity firm, said on Thursday it had agreed to buy the electronic-monitoring business of 3M’s traffic safety and security division, for $200 million.
Formerly known as Attenti and before that as DMAtek, the unit was formed from an Israeli startup acquired by Minnesota-based 3M in 2010 for $230 million. Today it has headquarters in Israel and the United States and nearly half its staff is based in Israel. TheMarker has learned that the acquisition was made through Apax’s Israel unit.
“Our aim is to grow the business in existing geographies as well as expand its global presence. I am confident that Apax’s presence in the U.K., U.S., China, India, Brazil and Israel will help achieve these goals,” Zehavit Cohen, managing partner of Apax Partners Tel Aviv, said in a statement. She said Apax would invest in research and development to help the company keep its technological edge.
With annual sales of around $95 million, 3M’s electronic-monitoring business is a global provider of technologies used by national, federal, state and local correction and law enforcement agencies in 34 countries.
The business offers Global Positioning Systems, Radio Frequency, alcohol verification monitoring and tracking solutions, supported by an integrated software monitoring platform.