3M (News - Alert) is about to broaden its portfolio of offerings as the company has announced a definitive agreement to purchase Attenti Holdings S.A. The company is being sold by Francisco Partners for $230 million in cash. 

A Tel Aviv-based company, Attenti is a supplier of remote people monitoring technologies used for individuals awaiting trial or on probation or to assist eldercare facilities in monitoring for patient safety.

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

Comprehensive track and trace solutions are provided by 3M to enable companies to enhance customer value through improved safety, security and utilization of assets. This is accomplished through applications such as file tracking, library management, secure supply chain solutions and locating and marking underground utilities. Yoav Reisman, Attenti CEO, said, "This is an exciting opportunity to continue growing our business within the framework of a renowned global leader and innovator which recognizes the value of our unique market position and product portfolio.” Reisman added, “3M’s culture of innovation fits well with our own and its research and development capabilities and global reach will help accelerate the growth of our business.”

3M is also trying to expand into the security market by buying Cogent Inc. for roughly $943 million. Cogent made its mark by developing automated systems that read finger and palm prints. The company also offers iris and face recognition systems used by government, law enforcement and border patrol agencies. The board of directors for Cogent has agreed to the deal and is recommending acceptance by shareholders. According to 3M, it will pay $10.50 per share, which is nearly 18 percent above the company’s closing price on Friday.

This purchase will extend 3M’s operation that includes identification and authentication systems. Cogent’s founder and CEO, Ming Hsieh said the acquisition is expected to help 3M compete in border control and law enforcement markets. "Together, we'll deliver a broader range of identification and authentication solutions to the security industry and to our customers," Hsieh said in a statement.The offer for Cogent is expected to last 10 days, with the acquisition closing by the end of the year. Once complete, the deal should produce a change of 9 cents to 10 cents per share during the next 12 months. 3M expects the acquisition to boost earnings by 1 cent to 2 cents per share.