March Networks , a provider of intelligent IP video and business analysis applications, has entered into a definitive agreement to acquire Milan, Italy-based Cieffe S.p.A. and its related company Insignis Technologies S.r.I.
Cieffe S.p.A. develops high-performance IP video surveillance solutions used by enterprise-class organizations across Europe, the Middle East and Asia Pacific. The company’s products are used by European financial institutions and high profile airport, government and commercial industrial clients for critical security applications, and include interoperable encoders, IP and megapixel cameras, video analytics and advanced video management software.
Under the terms of the agreement, March Networks will pay $20.82 million in cash and $8.92 million in common shares for a total purchase price of $29.74 million plus an earn-out component of up to $14.87 million in cash.
The agreement is expected to close by the end of March 2008.