Quadnetics buys German-based Indanet AG

Quadnetics has bought German-based surveillance and security management firm Indanet AG for € 10 million. Quadnetics is to pay an initial € 2 million for a 51% stake in Indanet, with a further consideration of between €1 million and €8 million for the remaining 49 per cent of the surveillance and security management business.

Quadnetics provides surveillance technology and security networks. According to a statement, Indanet's technology is complementary to Quadnetics' Synectics divisions. The deal brings to Quadnetics a strong base in Germany, says chief executive John Shepherd, which it has identified as the 'ideal European base' for expanding Synectics products into central, eastern and northern Europe.

Shepherd adds: "Culturally, Indanet is an excellent fit with our Synectics Divisions, as the deep engineering and technical backgrounds are very similar. Strategically, Indanet has positioned itself in the driving seat with the most valuable customers in one of the biggest markets in the world for integrated surveillance systems."