3M to Acquire Archon Technologies Inc.; Acquisition Expands 3M Solutions for Motor Vehicle Agencies
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3M Corporate Headquarters, 3M Center
St. Paul, MN, 55144
Press release date: July 20, 2006
ST. PAUL, Minn.-July 20, 2006-3M announced today that it has entered into a definitive agreement to acquire Archon Technologies Inc., a Denver-Colo.-based provider of enterprise software solutions for motor vehicle agencies. Terms of the transaction were not disclosed.
Archon's enterprise software systems manage and integrate motor vehicle agency operations including vehicle registration, titling, driver licensing, professional licensing, dealer credentialing and revenue management. Demand for comprehensive integrated software solutions is expected to increase as motor vehicle agencies upgrade aging systems to improve efficiency and to address new federal security requirements.
"This acquisition strengthens 3M's powerful core solutions that help motor vehicle agencies operate more efficiently and deliver excellent customer service," said Larry Lair, division vice president, 3M Traffic Safety Systems Division.
3M's innovative solutions for motor vehicle registration include vehicle safety, registration and identification systems. Combining innovative reflective materials expertise with emerging digital and data management technologies, 3M offers a suite of systems and services to meet vehicle registration needs. They include production and distribution of license plates and renewal stickers, electronic vehicle registration, and motor vehicle database management.
Complementary acquisitions such as this support both 3M's core business and growth strategy to expand into adjacent markets.
Archon employs approximately 70 people and will remain headquartered in Denver, with operations in Tucson. The transaction is expected to close in the third quarter of 2006 subject to customary closing conditions.
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