Shareholders voted 98 per cent in favour of the $90.1-million acquisition in late March after the board of directors unanimously approved the takeover. Court approval followed near the end of the month.
"This is not some very quick overnight decision," said Terry Matthews, chair of March Networks's board of directors, at the shareholders' meeting March 20, citing the decreasing cost for video cameras putting pressure on the company's bottom line. "This is the best option for shareholders."
In its last released financial results, March posted record third-quarter revenues of US$32.4 million, up 57 per cent from $20.6 million the year before.
The Ottawa company produces video surveillance products and analytics for clients such as WalMart and the Ottawa Senators. It will continue to operate as its own company following the takeover.
Previously, March CEO Peter Strom said the acquisition would allow the combined companies to compete with Panasonic Corp., General Electric Co. and Cisco Systems Inc. Combined annual revenues are expected to be more than $180 million.
Infinova (Canada) Ltd. is part of Shenzhen Infinova Ltd., an integrated surveillance system manufacturer in China.
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