March Networks™, a leading provider of intelligent IP video and business analysis applications, announced today that it has completed the acquisition of 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 leading European financial institutions and a number of high profile airport, government and commercial industrial clients for mission-critical security applications.
The acquisition was completed in accordance with the definitive agreement originally announced on January 30, 2008, with a payment of €14.0 million in cash plus the issuance of 1,019,252 March Networks common shares to the vendors. Including acquisition expenses, the total cash consideration for the acquisition will be approximately CAD 24 million plus any amounts paid in respect of a two year revenue-based earn-out of up to €10 million.
Cieffe's founder and CEO, Fabrizio Colciago, will continue as Managing Director of March Networks' European operations and lead the ongoing growth of the Company within the Europe, Middle East and Africa (EMEA) region.
