February 6, 2008—March Networks, a provider of intelligent IP video and business analysis applications, announced 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 enterprise-class organizations across Europe, the Middle East and Asia Pacific. With a reputation for innovative design and advanced functionality, Cieffe’s products are used by leading 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.
The agreement calls for the payment by March Networks of Euro 14.0 million in cash and Euro 6.0 million in common shares for a total purchase price of Euro 20.0 million plus an earn-out component of up to Euro 10.0 million in cash. The agreement is subject to customary closing conditions and is expected to close by the end of March 2008.
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 Europe, Middle East and Africa (EMEA) region.
For more information, visit the Cieffe Web site.
