Published: March 18, 2011
3M Invests in motionID technologies AG
ST. PAUL, Minn. - (BUSINESS WIRE) - 3M, through its 3M New Ventures business, has invested in motionID
technologies AG, a developer of an innovative ePayment system that
enables vehicles to be automatically equipped with a payment function.
Terms of the transaction were not disclosed.
Under the VIATAG trademark, motionID's small radio-frequency tag, which
is attached to the windshield, provides the vehicle with a contactless
identification and payment function. The system is used in applications
such as parking garages, where the barrier opens automatically and the
parking fee is charged directly upon exiting. In addition, VIATAG can be
used in many other cases, such as drive-thrus, gas stations and car-wash
facilities. VIATAG allows the user to pay safely without having to walk
to the check out or wait in line.
The primary advantage of this investment is that it will bring together
3M's and motionID's diverse and complementary technology portfolios.
"With VIATAG, motionID has created an extremely innovative product for
the interaction of vehicles and infrastructure," said Stefan Gabriel,
president of 3M New Ventures. "In the area of intelligent mobility,
there are numerous applications where this technology can be applied in
cooperation with 3M."
For motionID, the involvement of 3M represents a milestone. "In 3M we
have found the perfect partner for the impending roll-out and growth in
new global markets," said Christian Utz, CEO of motionID. "3M can
facilitate market entry, not only by providing sales support, but also
additional technological know-how without restricting our
entrepreneurial freedom."
About motionID technologies AG
motionID Technologies AG, a Barkawi Group company, combines many years
of know-how in the area of Track & Trace, sound knowledge of the RFID
system, and innovative ePayment solutions. The combination of these
different technologies has resulted in a system that enables a variety
of different applications with regard to intelligent mobility.
About 3M
3M captures the spark of new ideas and transforms them into thousands of
ingenious products. Our culture of creative collaboration inspires a
never-ending stream of powerful technologies that make life better. 3M
is the innovation company that never stops inventing. With $27 billion
in sales, 3M employs about 80,000 people worldwide and has operations in
more than 65 countries. For more information, visit www.3M.com
or follow @3MNews on Twitter.
VIATAG is a trademark of motionID technologies.
3M
Media Contact:
Donna Fleming Runyon,
651-736-7646
or
Investor Contacts:
Matt Ginter,
651-733-8206
or
Bruce Jermeland, 651-733-1807
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