March Networks, a Canadian manufacturer of video recording equipment and video management software, has gone public.
On Wednesday, the company made its initial public offering and its secondary offering of approximately 5.7 million common shares. The shares were offered at $12 CDN, for a total investment in the company of approximately $53 million CDN. The company's shares have now begun trading on AIM, a stock market operated by the London Stock Exchange
March Networks and selling shareholder Wesley Clover Corporation have established an over-allotment option for underwriters, allowing underwriters to buy an additional 860,527 shares at the $12 CDN price.
In an interview with SecurityInfoWatch.com, March Networks President and CEO Peter Strom indicated that the additional funding that the IPO brought will allow the company to increase the size of its playing field.
"The IPO is an important milestone for the company," said Strom. "With the new capital raised, we are able to fund our growth strategy and continue to raise our profile with large enterprise accounts."
Strom added that much of the new funding will be focused on development of new products, software and services.
"One of the company's strengths is its leadership position and recognition in the industry as being an innovator," explained Strom. "This comes from extensive investment in R&D. The new capital will allow us to continue to develop the best products for our customers, while increasing expansion into new geographical markets."
And it's not just DVRs anymore. While the company has become well established with its variety of video recording devices, Strom indicated that the funding can help take the company into the video analytics arena.
"March Networks technology investment to date has been focused on designing and delivering the industry's most reliable digital video hardware platform," he said. "Our next area of focus will be to broaden our software offerings in areas of video analytics software for business intelligence purposes."
March Networks is online at www.marchnetworks.com.