March Networks secures IPO
OTTOWA, Ontario--Digital video surveillance provider March Networks joined the ranks of public companies on the Toronto Stock Exchange and the AIM, a market operated by the London Stock Exchange, in late April as the company's initial public offering closed.
The company's initial and secondary offerings of more than 5.7 million common shares closed at CDN 12 ($9.59) per share, or $45.27 million.
The move to place the company in the public space stemmed from a recent strong patch of growth, according to President and Chief Executive Officer Peter Strom, and the company was looking for a boost in available capital.
"We see a lot of growth ahead of us," Strom said, "and decided this was a way of securing additional capital."
Strom said the company has experienced its largest growth in its key vertical markets of banking, transportation as well as the enterprise level. Sarah Dehler, manager of media and analyst relations at the company, said the company will continue to address the enterprise market with its new found capital.
The offering also spurs the company's product development, especially in the area of video analytics and will give it the opportunity to grow through other avenues.
"As a well-capitalized company, we will keep an eye out for acquisitions," Strom said. "We will look at companies that have complimentary technology and a foothold on a key market."
Being based in Canada, the Toronto Stock Exchange was a natural fit for the company's stock, but Strom said the move to list on the AIM was propelled by the desire to grow in the European market, which currently accounts for less than 5 percent of the company's revenues. Currently, North America accounts for 70 percent of the company's revenues and Latin America represents 27 percent.
"We see Europe as a key growth market for us," Strom said. "We'd like to see Europe become about 25 percent of our business. AIM helps bring our name out in front of people."