Infinova Canada Ltd., which is a subsidiary of video-surveillance equipment provider Infinova, has agreed to acquire another IP-video system manufacturer, March Networks. The agreed-upon price of the acquisition is C$90.1 million. (That converts to about US$87 million according to exchange rates as of the date of the acquisition announcement.)
March Networks will be a wholly owned subsidiary of Infinova Canada Ltd. and will continue to operate independently under its own existing name and brands, the companies said."The acquisition is intended to drive growth through both companies' complementary product and service offerings," they added.
Infinova's chairman Jeffrey Liu said, "The combination of Infinova's robust manufacturing, research and development capabilities and March Networks' innovative technological design provides our customers with industry-leading, complete video security solutions. This transaction increases our combined global presence and elevates us to a position among the top 10 in the global security and surveillance market in terms of revenue."
March Networks' president and chief executive officer Peter Strom added, "We have always been a technology leader with forward-thinking ideas and cutting-edge design. Now we will have Infinova's additional research and design resources as well as manufacturing expertise. These advantages will help us remain among the leaders in the industry by enabling us to bring more innovative products to the market at an accelerated pace."