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| Ottawa Business Journal |
March Networks has wrapped up its $29-million acquisition of Italian rival Cieffe S.p.A. and its subsidiary Insignis technologies S.r.l.
Ottawa-based March Networks, which makes Internet protocol (IP)-based video and business analysis applications, said it was paying 14 million euros, or roughly C$24 million, in cash and 1,019,252 March Networks common shares to the two vendors.
The deal, which was announced at the end of January, would also include any amounts paid in respect of a two-year revenue-based earn-out of up to 10 million euros.
Cieffe's founder and CEO Fabrizio Colciago will serve as managing director of March Networks's European operations and will oversee the company's growth in the Europe, Middle East and Africa (EMEA) region.
Cieffe, which is based in Milan, makes high-performance IP video surveillance solutions which are used by leading European financial institutions and a number of high-profile airport, government and commercial industrial clients for mission-critical security applications.
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