Neology taken over by Dutch SMARTRAC
Neology, the San Diego based supplier of ISO18000 6C sticker tag systems for tolling and vehicle registration has been taken over by Holland-based SMARTRAC in $30m deal that leaves 15% of the shares with its majority owner Tenedora SA of Mexico. Neology registered in Delaware has major ownership, business and operations in Mexico and a factory and offices in San Diego, with a staff total of 150.
The company has competed with TransCore and Federal Signal/Sirit in sticker tags. It has litigation with Federal Signal (CORRECTION) over patent issues.
Christian Fischer, CEO of SMARTRAC is quoted in a statement on the takeover: "With this transaction, we will significantly expand our reach in the Americas. Combining our strong capabilities with the most successful technology platform for electronic vehicle registration and electronic toll collection will create a wealth of market-leading solutions for Neology and SMARTRAC customers."
Francisco Martinez De Velasco, CEO of Neology: "The transaction opens excellent new possibilities for both companies. Combining our strong intellectual property and UHF competency with SMARTRAC's market leading position in the RFID industry will drive a new wave of innovation for customers around the world,"
SMARTRAC was founded in Holland in 2000, and is registered in Amsterdam. It has been a publicly traded company since 2006.
The company is self-described as the global market leader in high-quality RFID inlays for electronic passports (e-passports) and contactless credit cards (e-payment) as well as for RFID transponders for public transportation applications. It has 3,300 employees.
Neology's product roadmap, intellectual property strategy and research & development organization will remain intact, the announcement says.