International. Delta recently approved the purchase of 100% of the shares of Infinova (Canada) Ltd., owner of the Canadian video surveillance and business intelligence company March Networks® from Infinova International Ltd. for USD 114 million (approximately NTD 3,163,500 thousand) through its subsidiary Delta International Holding Limited BV.
The agreement is expected to strengthen Delta's presence in the growing video surveillance market and complement its building automation solutions.
Ping Cheng, Delta's chief executive, said: "Security is an integral element of smart cities and is driving the global demand for video surveillance technologies. 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 also fit perfectly with our commitment to developing smart green solutions for a sustainable future."
March Networks President and CEO Peter Strom said, "Delta's financial strength and scale, with around $10 billion in annual revenue, more than 80,000 employees and strong M&A capabilities, will serve as an ideal platform for March Networks to accelerate its strategic plan to deliver cloud-based video surveillance as a service (VSaaS) solutions and business intelligence solutions based on video to companies around the world." He added that March Networks customers and partners should not expect any changes to the high-quality products and services they expect from March Networks as they embark on their aggressive growth plans.
Following the closing of the transaction*, March Networks is expected to continue operating from its Canadian headquarters and March Networks' executive management team will continue to lead the organization.
* The closing of the transaction is subject to compliance with certain conditions such as regulatory approvals.
