Delta, the owner of VIVOTEK, has approved the purchase of 100 per cent of the shares in Infinova (Canada) owner of March Networks, for $US114 million.
The acquisition is expected to strengthen Delta’s presence in the growing 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.
“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.”
According to March Networks president and CEO, Peter Strom, Delta’s financial strength and scale – with around $10 billion USD 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.
“March Networks’ customers and partners should expect no change to the high-quality products and services they’ve come to expect from March Networks as it embarks on its aggressive growth plans,” Strom said.
It’s 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.
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