March Networks, a Canadian-based firm providing video surveillance technology, is planning to purchase Cieffe, S.p.A. and Insignis Technologies. The purchase price is 20 million Euros, comprised of â‚¬14 million in cash and â‚¬6 million in common shares. There is also an earn-out payment that could equal â‚¬10 million
The Italian firm Cieffe, creates IP-based video surveillance solutions that are used in the financial industry and by a number of airports and industrial clients. The Cieffe products range from IP cameras to megapixel cameras, video analytics, and video management software, a product line that fits well into the March Networks product lines.
Fabrizio Colciago, the founder and CEO of Cieffe, will stay with the firm as managing director and will be heading the company's growth in the regions of Europe, the Middle East and Africa. Insignis Technologies, which is also a component of the acquisition, is part of Cieffe.
"This is a strategic acquisition for March Networks that significantly strengthens our presence in the EMEA region as well as in the high-growth commercial industrial segment," said Peter Strom, President and CEO, March Networks. "Cieffe's innovative product portfolio complements March Networks' existing solutions and enhances our position as a global supplier of comprehensive, open IP video management solutions."
The acquisition is expected to close in March 2008.