IP video surveillance firm March Networks of Ottawa, Ontario, is now a part of Shenzhen Infinova Ltd.'s Canadian subsidiary Infinova. The acquisition closed on Friday for C$5.00 per share in a cash transaction.
The acquisition was approved by March's shareholders in March and approved by Ontario's justice system the same month. According to a statement from the company, shareholders are being asked to trade in their March Networks shares for a check payment of the stock purchase.
The companies offer very similar technologies for video surveillance, including IP video surveillance cameras, video management software (VMS), and encoders. Both firms still have some products for supporting analog systems, including a line of cameras from Infinova and hybrid recorders from March Networks.
Infinova lists clients such as the Port of Miami, the Panama Canal, Los Angeles MTA and more, and March Network's products are strong in the banking sector, but the company has also seen strong adoption among "infrastructure" clients such as the Maryland Transit Administration.