Smart city and mobility solution provider Neology has announced a US$38m (£28m) investment from private equity firm Ainda, in addition to US$12m (£8.8m) from a Neology subsidiary, for a total of US$50m (£36.8m).
The infusion of capital will support Neology’s expansion, accelerate the company’s growth, and allow it to pursue inorganic growth opportunities. Following the transaction, Neology will collaborate with Ainda on strategic value creation initiatives designed to accelerate the business’s existing growth trajectory in Mexico and South America.
“Neology’s expertise in electronic toll collection, enforcement, and smart mobility solutions together with Ainda’s direct experience in transportation projects and investments in highway Infrastructure in Mexico will drive double-digit growth going forward,” said Francisco Martinez de Velasco, CEO of Neology.
According to Ainda, the partnership with Neology in Latin America will offer solutions designed to provide better journeys for toll road users through consumer-centric technologies that supply contactless toll road fee payments systems, robust account management and real-time notifications.
Both companies will also look to develop new and responsible ways for people to use transportation in large metropolitan areas with smart mobility technologies that optimise convenience, revenue generation and the journey experience; in addition to an efficient enforcement platform based on artificial intelligence and deep learning to help advance clean air zones, reduce congestion, improve security, and other law enforcement initiatives.
