March Networks Announces Acquisition Of Cieffe S.p.A
March Networks, a provider of intelligent IP video and business analysis applications, announced recently that it has entered into a definitive agreement to acquire Cieffe S.p.A. and its related company Insignis Technologies S.r.l.
Cieffe, based in Milan, Italy, develops high performance IP video surveillance solutions used by organizations across Europe, the Middle East and Asia Pacific. Cieffe's products are used by European financial institutions and a number of high profile airport, government and commercial industrial clients for mission-critical security applications.
Cieffe's portfolio of interoperable encoders, IP and megapixel cameras, video analytics and advanced video management software has received numerous industry accolades, including two consecutive best-of-show awards at IFSEC, one of Europe's most prestigious security industry events.
The agreement calls for the payment by March Networks of 14 million euros in cash and 6 million euros in common shares for a total purchase price of 20.0 million euros plus an earn-out component of up to 10.0 million euros in cash. The agreement is subject to customary closing conditions and is expected to close by the end of March.
Cieffe's founder and CEO, Fabrizio Colciago, will continue as managing director and lead the ongoing evolution and growth of the Cieffe product line within the EMEA region.
"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."