March Networks Corp., Ottawa, Ontario, has closed an initial public offering and secondary offering of 5,736,850 March Networks common shares at a price of $12.00 CDN per share.

March Networks and Wesley Clover Corp., one of the selling shareholders, granted to the underwriters an over-allotment option which has expired by which underwriters could purchase up to an additional 860,527 common shares at a price of $12.00 CDN per share.

"I am delighted to be able to bring this company to the public markets as a proven and profitable business and look forward to continuing to work with the entire March Networks team in delivering leading IP-based digital video surveillance solutions to our customers," stated Peter Strom, March Networks president and CEO.