Delta Electronics Inc., a provider of power and thermal management solutions, announced its board of directors has approved the purchase of video surveillance and business intelligence provider March Networks from Infinova International Ltd. for $114 million through its subsidiary Delta International Holding Limited B.V. The deal is expected to strengthen Delta’s presence in the growing video surveillance market and complement its building automation solutions.
“Security being an integral element of smart cities is boosting the global demand for video surveillance technologies,” said Ping Cheng, Delta’s chief executive officer. “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 are also a perfect fit with our commitment to develop smart green solutions for a sustainable future.”
March Networks President and CEO Peter Strom said that March Networks’ customers and partners should expect no change to products and services.
“Delta’s financial strength and scale — with around $10 billion in annual revenues, over 80,000 employees, and deep M&A capability — will serve as an ideal platform for March Networks to accelerate its strategic plan of offering cloud-based video surveillance-as-a-service (VSaaS) and video-based business intelligence solutions to enterprises worldwide,” Strom said.
Following the closing of the transaction, March Networks will continue to operate from its Canadian headquarters and the March Networks executive management team will continue to lead the organization.