Canadian firm March Networks (booth 12094 at ISC West 2008) has closed the acquisition of Cieffe S.p.A. and Cieffe's related company Insignis Technologies. The move brings the Milan, Italy-based developer of IP video surveillance products into March Networks, a long-standing provider of video surveillance.
The acquisition was initially announced in January of this year. The acquisition was closed for â‚¬14 million (approximately $22.1 million in U.S. dollars) and also saw March Networks issue over 1 million March Networks shares to the vendors. The total value was worth 24 million in Canadian dollars (approximately $23.35 USD).
The founder and CEO of Cieffe, Fabrizio Colciago, will serve as managing director of March Networks in Europe and will be heading up the company's growth in Europe, the Middle East, and Africa.