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| March Networks will be a wholly owned subsidiary of Infinova(Canada) Ltd. |
Infinova (Canada) Ltd., a subsidiary of majority U.S.-owned Infinova, a global provider of complete video surveillance solutions headquartered in Monmouth Junction, N.J., has entered into an agreement to acquire March Networks Corporation, a provider of intelligent IP video solutions and the market leader in DVR/NVR sales in the U.S., based in Ottawa, Ontario, for approximately C$90.1 million.
"The combination of Infinova's global robust manufacturing, research and development capabilities and March Networks' innovative technological design provides our customers with industry-leading, complete video security solutions," said Dr. Jeffrey Liu, chairman of Infinova. "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 will be a wholly owned subsidiary of Infinova (Canada) Ltd., operating independently under its existing name and brands. The acquisition is intended to drive growth through both companies' complementary product and service offerings.
"We have always been a technology leader with forward-thinking ideas and cutting-edge design," said Peter Strom, president and CEO of March Networks. "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."
In 2010 Infinova was listed on the Shenzhen Stock Exchange and raised USD$300 million to support organic growth and fund acquisitions. The acquisition of March Networks, Infinova's first, shall be completed with cash on hand. Closing is subject to shareholder approval of both companies and regulatory approvals.
