March Networks agreed to cquire Cieffe S.p.A. and its related company Insignis Technologies for EUR 20 million plus an earn-out component of up to EUR 10.0 million in cash.
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. The product line includes interoperable encoders, IP and megapixel cameras, video analytics and advanced video management software. Cieffe’s products are used by European financial institutions and a number of high profile airport, government and commercial industrial clients for mission-critical security applications. Cieffe’s calendar 2007 revenue is estimated at EUR 10 million.
“This is a strategic acquisition for March Networks that significantly strengthens our presence in the EMEA region as well as in the high-growth commercial industrial segment,” said Peter Strom, President and CEO, March Networks. “Cieffe’s innovative product portfolio complements March Networks’ existing solutions and enhances our position as a global supplier of comprehensive, open IP video management solutions.”http://www.marchnetworks.comhttp://www.cieffe.com/
