March Networks completes acquisition of Cieffe and Insignis Technologies
March Networks™ 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.