March Networks names industry veteran CEO

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Friday, April 8, 2005

OTTAWA, Ontario - Terry Matthews, the founder of March Networks and a number of other Canadian technology companies, has handed the president and chief executive officer reigns to a veteran of the security industry.

This week company officials announced that Peter Strom, who joined March Networks last year as vice president of global sales, marketing and product management and was later promoted to chief operating officer, has taken over those duties. Matthews continues to serve as chairman.

The role switch comes at a pivotal time for March Networks, as the physical security industry continues on its path of converging with the network and IT world. Not only is the company a provider of digital video recorders and related software, but is also considered to be at the forefront of the network video revolution.

“The hottest topic in this industry has been the convergence of IT and telecommunications,” said Strom. “We feel we’re in a unique position because of the background of the company.”

The company was started in 1986 as a custom engineering group that worked on special security projects for the government, but moved to becoming more product-based in 1996 thanks to an investment from Newbridge Networks Corp. The telecommunications firm developed video transmission over telephone lines through an affiliate.

Matthews said privately-held March Networks is doing well, outpacing the 25 percent a year growth rate of the digital video recording market. He declined to release specific sales numbers, but said the company employs 85 people and has annual sales in the “tens of millions.”

Since Strom joined March Networks a year ago, the company initiated an aggressive marketing campaign and certified technology partner program. Strom came to March Networks after serving as president of Gyyr for two years. He has been in the security market for 10 years and worked for companies such as Sensormatic, Honeywell and Mosler.