Neptune Technology Group to Become Independent Enterprise
Neptune Technology Group Inc. has announed the completion of the sale of the company by an affiliate of Schlumberger Limited to Neptune management and an affiliate of Investcorp, a global investment group.
The transaction, which involves the ongoing leadership of the company's senior management, establishes Neptune as an independent, standalone enterprise with its headquarters remaining in Tallassee, Alabama. Through its network of direct sales personnel and distributors, Neptune provides local water utilities with a comprehensive product offering of water meters and advanced meter reading systems.
In a related transaction, an affiliate of Investcorp also acquired Schlumberger Canada Limited's one-third interest in DAP Technologies, Inc. DAP is a designer and manufacturer of rugged handheld computers for use in applications such as utility meter reading, and a wide range of industrial field related uses.