PRC Government Entity Now Controlling Shareholder of Infinova / March Networks

By Charles Rollet, Published Jan 16, 2020, 08:57am EST

A PRC government entity is now the controlling shareholder of US security manufacturer Infinova as well as its wholly-owned subsidiary March Networks, IPVM has confirmed.

IPVM Image

This means Infinova, a New Jersey-headquartered company, has the same ultimate controlling shareholder as Hikvision. This comes at a time of unprecedented scrutiny into PRC government video surveillance and of Chinese investments into US firms.

Infinova told IPVM that "Infinova is not controlled by the PRC government", stressing this has no effect on their US operations or subsidiaries - the banking surveillance specialist March Networks and home video surveillance firm Swann.

While Infinova's new PRC government owner says it will help sales within China, it poses a risk to March Networks' major US banking customers to depend on surveillance products with such PRC government ownership.

In this exclusive report, we examine this news and its broader impact, including:

  • Infinova Background
  • SASAC Now Controls Infinova
  • Reasoning
  • SIH Examined
  • Infinova Response
  • National Security Concerns
  • March Banking Customer Concerns
  • Potential for March Divestiture
  • CFIUS Risk
  • March Networks Response
  • The Trend of PRC Government Takeovers

Infinova **********

******** ***** ** *** Shenzhen ***** ******** ** 2011,******* * ******* (*** video ************ *********) $*** million *** ***** *** valued **** ** ~$*.* billion. *******, *** *******'* valuation *** ********* ** the **** ******, ******* the ********* ** *** PRC ***** ************ ******:

IPVM Image

***** ********'* ******** **** grown *************, *********** **** about $** ******* ** 2009 ** ***** $*** million ** ****, **** growth *** ******* ****** on ************ ** ******** firms (***** ******** ** ****,***** ** ****) ****** **** ********'* own ************ ********. ******** even********* ******* ******* ********* company **************** ****, *** **** sector ******* ******** $*** million ** ***** **** year *.*. ****** **** of ********'* ****** *******, according ** ********'* **** annual******.

Profitability *********

***** **** ******** ******** has ******** ** ******* growth *** ********, ** has *** ********* *************. Infinova's ********* *********** **** that **** **** ** the ***** ***** ******** of ****, ******** **** about $*.** ******* ** sales *** * *** loss **-$*.** ******* ** that ****.

IPVM Image

**** ****** ** ******** to ********** ***** ************ manufacturers **** ********* *** Dahua, *** ****$*.** **********$*** ********* ******* ** **** respectively (******** ** $** million *** ******** **** year). ******** *** ********* to **** * ******** in *** *** ********** surveillance ****** **** ***** firms ***** **, ****** been "******** ** ** American *******" ** ***** as**** ********** **** ****.

Founder ******* *** ** ****** *********** ***********

** * ******** ******** stock ********************, ******** ****** **** a ******* ************** ********** *********** "****** *** *********** shareholder ** *** *******" with ********* *** ****** rights **** **.**% ** Infinova's *****.

IPVM Image

**** ******** ***** *** bought *% ** ******** for ***** $** ******* (343 ******* ***) **** a ***** ******* ********** by ******** *** *** founder ******* *** ********* ******** ***. (*** ******* ***** substantial ******** *****, ***** it ***** ****** ** 2018.) *** ******** *** also **** ** ****** rights **** **** ** its *****, ****** *** the *********** ***********.

SIH ***** ** ***** - **** ** *********

IPVM Image

***** * ***** ********** entity ***** ** ******* businesses ** ******** *** the *********** "******* *** Area". ** ********* *** ******** ********* SASAC ** *****-***** ****** Supervision *** ************** ********** of *** ***** *******.

IPVM Image

************* ** *******,******* *** ******* *** economic ****** **** ******** China's ********* *****-***** ********** sector. *********'* *********** ***********, CETHIK, ****** ***** ***** ** SASAC.

Official ********* *** ****

********* ************** ******** **** *** would **** ******** ** a ****** ** ****, such ** ********* ********** and ********** ********:

** * *********** *********** of *** ****** ******* [Infinova], ******** ********** ******** will *** *** ********** toconnect *** ****** ******* **** ***'* *****-***** ****** ****** *** *** ******** ***** ** *** ****** ******* (********* ***** ****, ***** ****, ***** ****, ******* *********, ********, ***.) ** ****** *** ****** ******* ** ********** ******** ********; it will use the resource advantages of Shenzhen Investment Holdings and its subsidiaries to assist the target company in developing relevant business; the advantages of investment and [SIH] funds and financial resources to assist the target company to expand *** **** ****** **** *** ****** ******* ******* **** ***** ********* ************, *********** ********** *** ****** ** ********* *** ******** ********* *****. [emphasis added]

Infinova ********

******** **** ** * detailed ********, ******* **** Infinova ** "*** ********** by *** *** **********" because:

*** *********** ** ******** is *** *****. ** is ***, ** ********** holding ******* ***** ******* is ** ******* ***** development ** ******** ** investing ** ***** ***********. SIH ** ***** ** Shenzhen **** ********* **********. By *** ** *******, SIH ** ******* ** a ********* **** ** the ***, ***** *** operated ** * ************. One ***** *** ******** a ********* **** ** be ***** ** ********** by *** ******* **********.
*** ** * ********-****** investment ******, *** *** intention **** ******** ** financial ********** ****. ** being ********** ** * “controlling ***********,” *** ** able ** **** ** Infinova’s ********** **** *** overall *******. **** ** important ** ***’* ********* ***** ** an ********** ******* *******, even ****** ** ***** holds ***** ****** **** the ******** ****** ** Dr. *** *** ***.
*** ** * *********** second ** *** ******** US ******** ********** ** Dr. *** (*.*. **. Liu *** ***). *** became *** ********** ** Infinova ******* *** ********* from ********** *** ****** rights ********** **** **** of *** ******, ******* to ******* **********.
******** *** ************ ** managing *** ********* *** business. ** ************ ****** in *** ****** ********** in *** **** *** cited, ** **** ************ is ********, **** *** voting ****** ** *** abstained ****** **** ** restored, *** **** **** controller ******, *** *** combined ** ******** **** regain *******.
** *****, ******** ** not ********** ** *** PRC **********.

******** ******** ******* ****:

  • ***’* ********** ** ******** is ****** *********.
  • ********’* ********** ** ***** Networks ** **** *********.
  • ******* *** (* ** citizen *** ********) ** the ***** ******* ******* of ******** *** ** in ****** ** ********’* business ******* *****.
  • ***** ** ** *********** or ******** ** **********, products, *** ********** ******* March ******** *** ********’* companies ** *****. ***** Networks *** ******** ** a ********, ********** ******** independent ** *** ********* from *** *** **** continue ** ** **. The ********* ** *****’* business ********* ** *** affected ** **** ******.

******** **** ********* ****** from ***** ************ ********:

****** **** **** ** recent *****, ********’* ******** in ***** ************ ** China *** ********** ** a ********** ***** ** terms ** ********’* ******* and **** **** ** in ***** ** ****** share ** *****. ******** in ***** ** *** a ******* ********* *** information ******* *********** *******.

Analogy **********

******** **** **** **** SIH ** *** ***** by ***** *** ** the ***** **********, ******* to * ********* **** in *** ***. *******, SIH ** **** ** the ******** *****, ***** has ******** ** *** ******* on *** *******.************, ********'* ********** ***** the **** **** ****** the ***, *** *** is * ******* ***** by * ****** ********* party **** ******** *** levels ** **********.

**** ***** *****-***** ******** - **** ***** **** - **** **** ***** loyalty/obedience ** *** ********* Party, *** **** **;*** *** *** *** Party ************** ********* ******* *** Party *** *** ********* role ****** *** *******, for *******:

  • ******* ** *** "********** ***** ************ *** ****** ******* of ********* ****** *** development", ******* **** "*** new ****** ** ********* decision-making"
  • ******* * "******* ******** *****" ** "** ***** and ********* *** ********* speech ** ******* ********* Xi"
  • ******* ** "***** *******" ** *** ****** of *** **** **** protests ** ******* "*** security ********* ****** ********" and ****** ********* ** "always ** ********" ******* "external ******* ******"
  • *** *** ***************** *** **** ********** *** ******* ********* Party ***** ****** ********* to "****** ** ********* thinking **** ******* *************** in *** *** *** of ** *******"

Focus ** "******* *** ****" *******

** ** **** ***** that *** **** ******** that ***** *** *** government's *****, ***** ******* the **** ** ***** up *** ********* *** "******* *** ****" ****** ******** - a *********** ** **** ********** in **** ******* ***'* **** ****** ties ** *** ******* mainland.

** *** ******** ******************, ******** **** ** would *********** **** *** on ******* *** **** projects:

** *** ******, *** Company [********] *** *** will ********** ************* ** the *********** ** ***** Industrial *****,the *********** ** *** *********-**** ****-***** ******* *** ****, and will work closely with other portfolio companies of SIH and SASAC regarding collaboration and capital support, in order to achieve a win-win [situation] and build a future together.

March ******** ********

IPVM Image

***** ********, ***** ** ***** owned ** ********, *** find ****** ** * difficult ******** ***** ** provides ***** ************ *** major ** ********** ******* clients ("**** **** *** banks *** ****** ******" worldwide, ******.)

***** *** ********* ****** of *** **** **** process, **** ******* *** be ********* ** ** further ******** **** ***** Networks *** ** *** parent ******* ****** * PRC ********** ****** ** its *********** ***********. *******, this **** ** *********** for ***** ** ***** as **** **** ******** or ********* ** ******** with ***** *********.

March ******** ********

***** **** **** **** they ***** "******** ** operate *************". ***** ** their **** *********:

************, **** ******* ** March ********, ** **** continue ** ******* *************, just ** ** **** the **** * ***** since ***** ******** ** US-based ********. *** ************ has ******* *** ******* to **** **** *** top-line ******* *** ************* in ****** ***** ***** delivering ** *** ***** of *** ****** ********** customers. ** ***** ****** the **** ***** ** independence ** *** ******.

***** ******** ******** *** designed ** *** *&* centers ** ****** *** Italy. *** ** *** Intellectual ******** ** **** in ******. ***** ** no *********** ******* ***** Networks *** ******** *********** teams.

*** ******** ** *** products *** ************ ** our ************** ** ******** by *** ****, **********-***** Sanmina (******: ****) - our ****-**** ************* *******. Together, ** **** ********* arguably *** ********’* **** reliable, *******, *** ****** Linux-based ********* **********.

*** ********** ********* ****** secure ***** ********* *** we *** ********* **** March ******** **** ******** to ******* ** ***** needs **** **** *** future.

Divestiture *********

** *** **** ***, this ***** *********** * more ********** ****** *** March.

** ******** ** *** challenges *** *****'* ******* customers, ***** *** ** strong '*********' *** ***** to ** **** ** Infinova. *** *******, *****'* video ************ ******** ** at *** ******** *** of *** ****** *** Infinova's ***** ******* ********* agency ** ** ** benefit ** *******-******* ***** Networks.

******, *** **** *** years **** ************ ******* equity *****' *********** ******** in ******** ******** *********. March, ** ***** * sizable ****** ** ***** niche, ***** ****** **** suitors.

Potential ******** ******** ******** / CFIUS

*** ** ********** *** a ******* ********* ***********(*** ********* ** ******* Investment ** *** ****** States) ***** ******* ******* is ** ****** *********** sensitive ******* *********** **** US *********, ********** ** they **** **** ******** technology/data *** ******* ***********.

******** ******** ** **** IPVM ** ** *** informed ***** ** **** transaction, ******:

** ****** ******* ** specific ***** *******.************* *** ***** *********** seriously *** ** **** advice **** ******* ** ensure **** ** *** in ********** **** ********** laws *** ***********.

**** ******* *** ** CFIUS ****** ** **** did *** ** **** not ******** * ******** yet.

************, ***** *********, ***** involvement ** ********.****** *********, * ******** ****** at *** ******** ********* for ************* *********, **** IPVM **** "***** *** always ****** * *********** if * ******* ******* takes * *********** ***** in * ** ********."

** ********, ***** ** likely ** **** ** interest ** *** ******** is ********** **** * foreign ********** (***** ** some ***** *** **** trigger * ********* ****** to *****), ** *** technology *** ** ******** provides ***** ***** ****** controls, *** ** *** US ******** ** * supplier ** *** ** government (********** ** *******) or ** ** ******** infrastructure.

The ***** ** *** ********** *********

******** ** *** ****** company ** *** **** few ****** ** ** taken **** ** * PRC ********** ******. ***********'* ******* *** ********, Netposa ******** *****-**********. ***** *** ***** fit **** * ******* pattern ** *** *** government ******** ** ** many *** ***** **** increased ************ *** ** China's ************ ********** ************* conditions.

**********

**** **** ***** ** positive *** ******** ** SIH ******** ***** *** company ****** ********* *** government ********, ** ** has ******.

*******, ** ******** ***** for ***** ******** *** to ********** ** ********** client ******** **** *** government *******.

*** **** **** ******** a ********* ***** ***** if ***** ******* ** step **.

**** *******, **** ****** concerns ***** **** ***** 'private' ***** ********* *** taken **** ****.

Comments (22)

Avatar

Marco Sanchez

01/16/20 04:31pm

**** *********** *** *********** article. * **** ****** been ******* *** *** recent **** **** ***** address *** ***** ******** purchasing ** ***** ******** companies.

* ****** ** ***** would ******** *** ********* of ********* ************ ** the *** **** ***** services, ******** *******, ** a ******* *** ******** infrastructure? ******* ** *** if **** ******* ** your *********.

Agree: 3
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John Honovich

IPVM | 01/16/20 05:19pm

*******, ********* *********!

*****'* **** * ****** over *** **** **** about **** *** ********** in ********** ******* ** between '*******' *** ***** companies *** *** ********** created ********* **** *********.

**** *** ********** *********** ****** *********** ******** of '*******' ********* **** became **********-**********.

***'* ****? *** ** you *** ** ********** buyer ** *** ********, how **** ** *** need ** ****** **** takeover ****?

Agree: 3
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Undisclosed Manufacturer #1

01/16/20 07:04pm

**** *********** **** ******. Be *********** ** *** how **** ******** ******* and ** ** **** the ********* **** *** is *** *****.

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Sean Nelson

Nelly's Security
01/16/20 11:29pm

*** ** *** *** em *** ***!

Agree: 1
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John Honovich

IPVM | In reply to Sean Nelson | 01/16/20 11:35pm

***** ** *****’* *** March ********* **** ** side? ;)

Agree: 1
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Informative: 1
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Funny: 6

Undisclosed #2

01/17/20 12:33am

* *** ********** ****** is *** *** *********** shareholder ** ** ******** manufacturer ******** ** **** as *** ******-***** ********** March ********, **** *** confirmed.

******** **** **** **** "Infinova ** *** ********** by *** *** **********"

* **** ***** ***** of * "*********** ***********" not ****** *** ******* over * ******* **** control. *** **** ***** I ** **** ******* my ************** ******** ** take **** * ***** with * ***** ** salt.

Agree: 1
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John Honovich

IPVM | In reply to Undisclosed #2 | 01/17/20 02:21am

***** ** * "*********** shareholder" *** ****** *** control **** * ******* they *******.

** ************* ** ***** point ** **** **** (SIH / **** / PRC **********) ** *** care ** '*******' ******* like *** *** ***** customers ** **** *****'* customers *** ***** ** how ** *** ****** inside ** ***** ********'* networks ** ****** ***** customer's ******* *******.

**** **** (*** / SASC / *** **********) eventually **** ** '*******' such ******* ** ********* that **** ** *** West **** ********** ******** over.

* ***** *** **** long-term ******** ** *** Infinova ** ****** ***** Networks. *****'* ********* ******** "** **** ******** ** operate *************" *** "***** is ** *********** ******* March ******** *** ******** development *****.". ** ****, what ******* ** ** keep ***** ** **** of ********?

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Undisclosed Manufacturer #4

In reply to John Honovich | 01/17/20 05:34pm

* ***** **** *** claiming ******************** "******* ****"?

******* **** **********

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Undisclosed #5

In reply to John Honovich | 01/17/20 07:03pm

** ****, **** ******* is ** **** ***** as **** ** ********?

* ****** ** ******** could *** ****** *** March ******** ** **** them ***** ******* ***. Who ***** *** ****?

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John Honovich

IPVM | In reply to Undisclosed #5 | 01/17/20 07:13pm

* ****** ** ******** could *** ****** *** March ******** ** **** them ***** ******* ***.

******* * **** ********* question ******* - **** is *** ***** ** future ** ***** ****** of *** *** *********** shareholder ********? *'* ***** they **** **** **** keeping ***** ****** ******** than ******* **** ***.

** *** **** **** for*****, **** **** ********* the **** ********** ******** ****** *** ***********:

** ******** / ***** can ********** ***** **** they *** ******* * real **** ******* *** shambles ** * ****** organization.

*** ***** *** ****?

*****'* * *** ** cash *** *****. ******* bought *******. ******** ****** Pelco. ***** ** ** better ***** **** ***** companies **** **** **** sold.

* ***'* **** **** March ***** ** **** do *** ** ***** et **. *** "***, we *** ***** ** take **** ******* *** lead * ***** *********** March" **** **** **** buyers. ***** ** ****** a ********.

*** ********* *** ******** is **** ******* ***** could ***** *** ***** to **** ************* ** March ********* ***** ** balk.

* ** *** *********** this **** ** * complicated ***** *** ******** / ***** *** *****'* certainly * **** ** divestiture **** *** ** in *** **** ********* of *** ********.

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Undisclosed #3

01/17/20 06:37am

***** ** **** ** you ***** ***** ** a **** ** *** West.

**** *** ** ** the **** ** ****** money *** **** ******** or ** ******* * home ********, *** **** controls ***. ** **** not *** *** ********** your ***** ********, ** tell *** **** **** to *** ** **** brochure, *** ** *** the ***** ** **** and **** ********** *** own ** *** ***'* perform *** **** *** on ********.

*** **** ** **** SASC, **** *** **** you **** *********, *** if ***** ** *** return ** ***** ********** they **** *********...

* ********** ***** **** it ** *** ******* to ***** **** ***** is * ********** ****** or **** **** **** of *** *** ** control *** ***** ******* IP *******. *** ******** with ***, ***** ** infinova ******* *** ******** the ******* ** ****** workmanship *** ** ******* down. ***********, ****** ***** business **** ***** ***** to ** ***** **** at *** *** ** the *** ** ** a ******* ***** ** one-party **** *** **** anyone ******, ********** ** they *** *********** ***** holder ** ***.

** *** **** ***** the *** **********, **** buy *** ********, ***** are ***** ****** ** options *** *****.

Agree: 3
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John Honovich

IPVM | In reply to Undisclosed #3 | 01/17/20 07:06am

***** ** **** ** you ***** ***** ** a **** ** *** West.

**, ****'* *****. ***** does *** **** ***** of ****** **** ***. Don't ******* **. ****** review*****'* *** ******* ******** website*** ********:

** ** ** ********** political ************. ********* ************ such **:

**** * ********** ****, SASAC *** ** ******** in ********* *********** *** unlike * ********** ****, SASAC *** ** ******** and ******* ****** ********* purpose.

** ** **** ** argue *** *** *** PRC **** ** **** using *** ****** *** "***** ** * **** in *** ****" ** simply * ***** *******.

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John Honovich

IPVM | 01/17/20 06:54pm

* *** ******* ***** from *** ****** ***** Review ****** **** ***** -**** *******? ***** ************ strategic **** **** *** on ** - ****** Asian ******, *****:

* ***** ** *** listed ******* ********* ******* ownership ** ****, ******* 60% **** **** *** year ****** *** ** China's ******** ********, ********* to *** ***** ********** Journal, * ********* ****** by *** *****-*** ****** News ******.

** ***** **** ******* ownership, ** *********, **** a ******** ****** ************** of ***** $** *******, were ******** ** *****-***** companies ** **********-*** ********** companies. **** **** ******** in ****** ********* ****** like ************ *** *********** systems.

**** **** ******* ** both ******** *** ******* from *** ********:

******** ********, ****** ** a ******** ********** ********** company, ******** ***** **** surveillance ******* *** *** enforcement. *** ******** **** been **** ** **** 100 *********, ********* ** North ******* *** ******.

******* ************ ****** ********, NetPosa ************, *** ******** by ******* ********'* ********** arm.

Agree
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Informative: 2
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Undisclosed Manufacturer #6

01/19/20 05:43pm

**** **** * **********, their *********** ******* ********** with *** **** *********** processing ********/****** ** *** bank. ***** ****** **** and *** *********** ** captured *** *** ********'* face **** ******** ***** is **** ** *** transaction.

**** ***** ****** ************ if ***** **** * vulnerability ** **** *******. This **** **** ****** the **** ** ****** a **** **** ** buffer ******** ** ****** an ** ******.

** *** ****** ** stick ** ** **** enemy ******, ****** *** transaction ****** ** * major ****.

Agree: 3
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Zachary S.

Gen IV Technology
01/22/20 04:09pm

*******. ***** ***** *******!

**'* "******" ** ** there *** ****** **** a ******** ****** **** from *** *** ** the *.*.*. ** *** of *** ********** ********* in *** ****** ********** that ***** *** ********* channel ******** *** ******* in. ;)

* ***** ** ** about ****, **** ******* actually, **** *** ******** took ****** *** *************** *********** *** *.*.*.'* **** take ***** *** **** intentional "******* *******" **********, and **** ** *** aligned **** ********* **** actually **** ***** ****** a ****** ******. * future ***** "********" ****** does **** *********.

* ****** *** **** information *** ** ********/******? A *** ** ** distributors/manufacturers, *** *** ****** level *********** & ********** that ******** ****, *** conversing ** **** ***** here ** **** ** great, *** **'* ******* the **** ******** ** companies *** ***-***** ***'* know *** ** **** care.

** ***, ******, ***** it ** ****** * problem ** ********* & awareness? **** ** ******** actually **** ***** **** (among *** ***** ***** problems) **** ****'* ********* care?

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John Honovich

IPVM | In reply to Zachary S. | 01/23/20 02:20am

**'* "******" ** ** there *** ****** **** a ******** ****** **** from *** *** ** the *.*.*. ** *** of *** **********

******* ** ******* *** Infinova, *** ******** *** more ** "**'** ***** to **** *******, ** make ****** *********** ***** bets."

*** *******, **** ******* Liu, *** ******* ** Infinova, *****'* ** ******** that ** *** ******* or ***** ** **** a *** ********** ****** the *********** *********** ** Infinova *** ***** *** company's *********** ********* **** was *** **** **** available ** ***.

********, **** *** **** at *** ******* **********, I ** ***** * lot ***** **** *** PRC / *** *** but ********* **** *** implicit ******* ** **** PRC ****** ** *** rest ** *** ***** forever. **'* ******** ******* if *** ***** *** market ** ***** ** grow **% *** ****, every ****, ** ****** in **** **** ** super *********, ********** *****-******* and ****** ************. ************* for *** ** **, it's ******** ***** ***** that ** *** * mistake.

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Zachary S.

Gen IV Technology
In reply to John Honovich | 01/23/20 06:48pm

* ***'* ******* ** strategy **** ******* *** Infinova's ****** ** ****, but * *** ********** make **** ********** & guesses ***** *** ***'* points ** **** *** why **** ***** **** to ******* ******* ************ Properties *** ************/********* (********** companies **** *** ******** in **** ******* ************).

* ***** ** *** clear ** ****** **** can **** **** *** "right ***" ****** *** just ***** ** ******* for * ****** **** it *** * *******. Assuming **** *** ******* companies *** **** ***** two ** ***** ***** ahead **** ** *** assume **** **** ***/**** what ***** **** ** the ********, *** ********* to ** ** *************.

*** ********* ******** ****** that ***** *** ******* and *** ********. ** also **** **** ***** has ******* *** ***** industry ** *******. *** wouldn't **** ** ** to *** ********? **** has ****** **** ********* gets ****** ********* **** their ********** (* ***** you ******** $* ******* in *** ****). ** know *** * **** that ***** **** ******* companies ** **** ****** and "** ********" ***** Americans **** *** ** expense **% ** ******* expenses/costs ** ***** ********.

** ****** **** **** for * ****, ** least ** *** ***** if *** ******** * posteriori, **** ********* *** Dahua *** *********/**** ******* in *** "******* *******" strategy. **** *** ******** on ***** ********* **** to *** ****** ***** this.

* ****** ** ******** companies *** *** * lawsuit ** *** ****** could **** ** ******? It **** ** ***** my **** **** * can *** ** *** HD ******* ****** **** smart ******** ** * metallic *** ***** ******* for ******* **** * can *** **** ****** and *****...


*** ******* ** ** American ********* ***** | The *** ******: **** ******* *********** a ********** ********* ******* called *******-*******. ** ****, he ********* *** ****** of **** *** **** the *****’* ******* ******** against ***** **** “*******,”the ******* ********** ******* ******* ** the *.*. **** *** priced ***** **** *** cost ** ***** *********. He ***. *******-******* ***** up **** *****-*** ******* dollars ** ****-******* ******.

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Undisclosed Manufacturer #7

01/23/20 03:26pm

**** ****** **** ** a ***-******* *** ************ that ** ***** ***** (and, ********** ******)?

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Undisclosed Integrator #8

In reply to Undisclosed Manufacturer #7 | 01/23/20 03:46pm

****'* **** ********** ** moderately ******?

**** (***!) **** *****, but **** ******* ****-*** NVR **********.

*********** ****** *** *** on *****. ** *** run ** ** * Raspberry **, **'* ****.

***** *** ******* ***** compatible **** **** *** mentioned ** **** **** discussion:** ****** ***** *** Found, *** *******-*****

Agree
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Funny

Zachary S.

Gen IV Technology
In reply to Undisclosed Manufacturer #7 | 01/23/20 07:10pm

**** *****... **** ** going ** ** * great **** *** *** industry ;)

Agree
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Undisclosed Manufacturer #6

In reply to Undisclosed Manufacturer #7 | 01/23/20 09:08pm

******* *****\****** ****\** ********. Exacq ** ****, *** depending ** ****** ********, might *** ** ********** priced.

Agree
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Informative: 1
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John Honovich

IPVM | 03/08/20 03:20pm

*** *** ** ***** uncomfortable **** ***** ***** Networks ***, **** *** consider *********.

********* *** ** *** pitching *****:

**** ********* **, ** say *** *****, ***** the ***, *********, ***** cybersecurity ********, ***.

Agree
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