Ottawa-based March Networks to be acquired by Delta
Delta, a Taiwan-based power and thermal management solutions company, announced its board of directors has approved the purchase of 100 per cent of the shares in Infinova (Canada) Ltd., owner of Ottawa-based March Networks, from Infinova International Ltd. for US$114 million through its subsidiary Delta International Holding Limited B.V.
In a statement, Delta said it expects the acquisition will strengthen its presence in the video surveillance market and complement its building automation solutions.
“Security being an integral element of smart cities is boosting the global demand for video surveillance technologies,” said Ping Cheng, Delta’s chief executive officer, in a statement. “March Networks is a proven leader in providing end-to-end solutions to some of the world’s leading financial institutions, retailers, transit agencies, and commercial customers. We are confident that the collaboration between March Networks and Delta will expand our overall market opportunity and increase Delta’s exposure to the growing video market beyond our surveillance subsidiary VIVOTEK. March Networks’ cloud-based video solutions and business intelligence technologies set it apart and are also a perfect fit with our commitment to develop smart green solutions for a sustainable future.”
March Networks president and CEO, Peter Strom, added, “Delta’s financial strength and scale – with around US$10 billion in annual revenues, over 80,000 employees, and deep M&A capability – will serve as an ideal platform for March Networks to accelerate its strategic plan of offering cloud-based video surveillance-as-a-service (VSaaS) and video-based business intelligence solutions to enterprises worldwide.”
According to Strom, March Networks’ customers and partners should expect no change in the products and services they’ve come to expect from the company.
The closing of the transaction is subject to certain closing conditions, such as regulatory approvals. After closing, it is expected that “March Networks will continue to operate from its Canadian headquarters and the March Networks executive management team will continue to lead the organization,” according to the company.