March Networks Corp., a developer of broadband IP applications and service delivery platforms, and Elcombe Systems Ltd., a technology solutions provider for the healthcare market, jointly announce that March Networks will acquire Elcombe Systems with an exchange of shares. In a parallel move, March Networks has also raised an additional $15 million in financing from a number of investors. March Networks unveiled its business strategy at a shareholder and employee reception. The strategy focuses on exploiting the next generation broadband IP networking infrastructure by building applications that take advantage of its relatively low cost, “always-on nature,” two-way communications and high-speed broadband capacity.
“March Networks’ acquisition of Elcombe is the first strategic move toward building multiple, high-value networking applications,” says Terry Matthews, CEO of March Networks. “Through Elcombe, we are acquiring valuable domain knowledge of the healthcare market.” Robert Webster, president and CEO of Elcombe Systems, adds, “The merging of Elcombe Systems with March Networks is a positive move for both companies. Our customers will be the biggest benefactors of this deal.”
