Infinova expands global presence with acquisition of March Networks
Strengthens Complete Video SurveillanceSolutions of Combined Companies
MONMOUTH JUNCTION, N.J. - Dec. 9, 2011- 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 (TSX: MN), 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'sglobal 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 ofMarch Networks. "Now we will have Infinova's additional research and design resourcesas well as manufacturing expertise. These advantages will help us remain among the leaders inthe 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 regulatoryapprovals.
With solutions that enable end-users to extend the life of their existing analog equipment by having it co-exist with their new IP video equipment, Infinova provides megapixel, IP and analog surveillance cameras, specialized cameras, core equipment for video control rooms, fiber optic communications, access control products and customized systems. Infinova is acknowledged for its exceptional customer service programs and as "the Integrator's Manufacturer."Infinova has provided security solutions for major projects including the Port of Miami, Shanghai 2010 World Expo, the Panama Canal, Italy's AutovieVenete Motorway, theBangalore (India) toll surveillance system, Kuwait International Airport, the 2010 Asian Games, the Los Angeles MTA and many others.
About March Networks
March Networks is a leading provider of intelligent IP video solutions. The company has supported some of the world's largest commercial and government organizations in their transition from traditional CCTV to advanced surveillance technologies that improve security, prevent loss, mitigate risk and increase operational efficiency. March Networks' highly scalable and easy-to-use Command video management platform incorporates a web-based client interface to enable rapid system deployment and complete system control. Command is complemented by a portfolio of high-definition IP cameras, encoders, video analytics and hybrid recorders, as well as outstanding professional and managed services. March Networks systems are delivered through an extensive distribution and partner network in more than 50 countries.
Company Contacts: Infinova
Vice President of Strategic Business Development